SCOTTSDALE Ariz. Kona Grill Inc., parent of the 23-unit American grill-sushi bar chain, said Monday it had named Marc Buehler president and chief executive.
Buehler succeeds Marcus Jundt, who resigned in May as chairman, president and chief executive after months of shareholder unrest at the company. Mark Bartholomay, Kona’s chief operating officer, had been serving as interim president and chief executive.
Buehler will also serve on Kona Grill’s board. Until May, he had been chief executive of LS Management Inc. of Dallas, parent to the Lone Star Steakhouse & Saloon and Texas Land & Cattle Steak House. Before LS Management, he held various leadership roles at Romacorp, parent of the Tony Roma's casual-dining chain.
Also on Monday, Kona Grill announced the appointment of Berke Bakay to the board and the resignation of W. Kirk Patterson, who was leaving because of “personal time constraints.” Bakay is the founder and managing member of BBS Capital Management LP, the investment manager for the BBS Capital Fund LP of Plano, Texas, which owns about 11.5 percent of Kona Grill’s outstanding shares.
Kona Grill, which has restaurants in 15 states, last month reported a net loss of $1 million for its third quarter, which ended Sept. 30. That loss was down from a net loss of $3.9 million in the same period last year, which included a $3.2 million charge related to a restaurant’s closing. Third-quarter revenue rose 3.7 percent, to $20.2 million, which reflected five new restaurants opened since November 2008. Same-store sales fell 9.9 percent.
Contact Ron Ruggless at [email protected].
