Dash Acquisitions,  LLC, a Beverly Hills investment management firm, has joined Oak Street Capital Management, LLC,  in forming “The Committee to Enhance Denny’s” with the intention of nominating three of its candidates for seats on the board of directors of Denny’s Corp. at the company’s upcoming annual meeting. Members of the “committee” collectively own approximately 6.5 percent of the South Carolina-based restaurant chain’s outstanding shares.  

Jonathan Dash, president of Dash Acquisitions, along with David Markula, Oak Street’s founder/ managing member, and Patrick Arbor, former chairman of the Chicago Board of Trade, are the three seeking independent seats of the Denny’s board.

The “committee,” which is co-chaired by Dash, Markula and Patrick Walsh, commented: “The weaknesses of Denny's management have forced us to seek changes to the board in the interest of all shareholders.”

According to the petitioners, Denny's share price has plummeted by approximately 75.6 percent since the shares began trading in 1997, and it ceded its #1 market position to International House of Pancakes.

Denny’s now has 1,551 units, down from 1,822, and serves 725,000 guests daily, down from 900,000 daily as recently as 2005.