Dave & Buster’s appointed the managing director of investment firm KKR & Co.—a minority stakeholder in the struggling eatertainment chain—to the board of directors, the company announced Tuesday.
John Hockin said in a statement that he believes Dave & Buster’s is “well positioned to regain its strong footing as business conditions improve across the country.”
In January, Dave & Buster’s disclosed that New York City-based KKR held about 10.7% of the chain’s shares, with an intent to discuss strategy and operations with the company’s management. Following changes in Dave & Buster's equity offerings, KKR now holds 8.8% of the brand's stock.
Hockin joined KKR in 2015 after previously working for Golden Gate Capital. With his addition, Dave & Buster’s board temporarily expands to 10 members. One member has chosen not to stand for reelection, so the board will return to nine directors at its annual meeting.
“We have built a relationship with John as a representative of one of Dave & Buster’s largest investors and believe he will bring valuable perspective and deep financial and investment experience to the board,” Board Chairman Stephen King said in a statement.
The coronavirus crisis has had devastating impacts on Dave & Buster’s. The chain temporarily shuttered all 137 of its stores on March 20 and has furloughed more than 15,000 employees. Last month, the chain filed a going concern notice, warning investors that there was a substantial risk it would not survive the coming year.
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