Peltz: Disney proxy fight over, citing Iger’s cuts

Trian Partners LP founding partner Nelson Peltz said Thursday that his proxy battle with Walt Disney Co. is over.

The activist investor announced in January that he would seek a board seat at the company to try to initiate changes after being rebuffed in his outreach. Peltz changed his mind after Disney Chief Executive Officer Bob Iger unveiled plans for a dramatic restructuring during Wednesday’s earnings call.

Peltz announced the move in an interview with CNBC. Trian confirmed the decision to drop the proxy battle, calling it a “win for all shareholders.”

Iger’s plans for the world’s largest entertainment company include 7,000 job cuts and $5.5 billion in cost savings. He also said Disney’s board would consider reinstating the company’s dividend, which was suspended at the start of the pandemic.

The steps addressed two of Peltz’s biggest complaints.

“We are pleased that Disney is listening,” Trian said in a statement after Iger’s announcements.

Separately, Iger said in an interview with CNBC that he isn’t entirely committed to buying the one-third of the Hulu streaming TV business that Disney doesn’t already own. Disney has an agreement to purchase the stake from Comcast Corp. next year at a price that values all of Hulu at a minimum of $27.5 billion.

More California stores hit BB&B closure list

Bed Bath & Beyond has revealed the locations of 149 more stores it’s closing, including nine in California.

The new list of closures comes just a week after it announced it was shuttering 87 other stores. Over the past several months, it has closed or in the process of closing about 400 locations, which includes the closure of five Buybuybaby locations and all 49 remaining Harmon Face Value stores.

The retailer said in January it would close a dozen Southern California stores including those in Palm Desert, Hawthorne, Upland, Culver City, Glendora, Pasadena, Valencia, Palmdale, Burbank, La Habra, Lakewood, Buena Park and a Harmon store in Los Angeles.

The latest area stores to hit the list include locations in Santa Ana, Yorba Linda, Beaumont and Downey.

In total, the company is reducing the number of Bed Bath & Beyond stores from 760 to about 360, with the company keeping its most profitable stores open in key markets. At its peak in 2017, the storied brand had 1,552 stores open.

Chicken chain testing plant-based sandwich

Chick-fil-a’s newest sandwich ditches chicken for … cauliflower.

The aptly named “Chickfil-a Cauliflower Sandwich” is being tested in three cities beginning next week, marking the chicken chain’s first plant-based sandwich. Imitating the chain’s signature fried chicken sandwiches, the new offering uses a “tender filet cut” of cauliflower that’s marinated and breaded in the chain’s seasoning, then pressure cooked and served on a buttery bun with pickles.

“Guests told us they wanted to add more vegetables into their diets, and they wanted a plant-forward entrée that tasted uniquely Chick-fil-a,” Leslie Neslage, the chain’s director of menu and packaging, said in a statement.

Chick-fil-a’s new sandwich goes on sale Monday for a limited time in three cities: Denver; Charleston, South Carolina; and the Greensboro-triad region in North Carolina. The starting price is $6.59, but it varies by market, a company spokesperson told CNN.

The sandwich has been in development for nearly four years and was created in house by the chain’s chefs.