On February 27, 2018 Marathon Partners Equity Management, LLC sent a letter to the J. Alexander's Holdings, Inc.’s board of directors following the results of the Company’s Special Meeting of Shareholders in which shareholders rejected the Board-recommended acquisition of 99 Restaurants, LLC by the Company. In the letter, addressed to the Chairman of the Board Frank Martire, Marathon Partners cited the Company’s share price underperformance and urged the Chairman to review strategic options in the best interests of all shareholders. Marathon Partners also recommended that the Board appoint new, independent directors in order to restore accountability in light of its conflicts of interests relating to the Transaction. Further, Marathon Partners requested that the Company establish a special committee of independent directors and engage an independent investment bank to explore strategic alternatives.