Bravo Brio shareholder steps up pressureBravo Brio shareholder steps up pressure

Bravo Brio Restaurant Group Inc.’s largest shareholder complained about the company’s sales and stock performance, stepping up pressure on the board and management as they evaluate the company’s strategic future.

TAC Capital LLC, owner of 15 percent of Bravo Brio stock, listed several complaints in a letter to the company and its board of directors. 

Donald Adam, chairman of TAC, said in the letter that he was “extremely disappointed” with Bravo Brio’s fourth quarter performance. Revenues fell 3.2 percent. Same-store sales declined 5.5 percent, continuing a decline that started in 2013, and restaurant margins fell to 12.7 percent from 18.2 percent in 2012.

“We believe that the company’s latest results demonstrate that the current board of d...