J. Alexander’s investor wants strategic review, board changes

The investor who led the opposition to the failed $200 million acquisition by J. Alexander’s of 99 Restaurants has followed through with his promise to push for more changes at the restaurant chain.

In a letter to J. Alexander’s Chairman Frank Martire, Mario Cibelli of Marathon Partners Equity Management is calling on the Nashville-based company to hire an independent advisor to look at all strategic alternatives — including an outright sale — and to bring on “truly independent directors” to better advocate for investors.