Michael Quartieri will retire as chief financial officer of Coppell-based Dave & Busters in April, the company has announced.
“On behalf of the management team and our board, I want to thank Michael for his significant contributions and leadership over the past two years at Dave & Buster’s,” CEO Chris Morris said in a news release. “Under Michael’s leadership, we completed the acquisition and merger of Main Event, which combined two of the strongest brands in the industry to create a leading platform in the rapidly growing experiential entertainment sector.
“With his contribution, we have created a significant footprint, an exceptional business model with strong assets, and a talented team with a long-term strategy focused on driving organic growth, improving profitability, and producing strong cash flow.”
Dave & Buster’s reported a net loss of $5.2 million in the third quarter as the entertainment company continues to open stores, remodel others, and rebrand itself, The Dallas Express reported earlier this month. It ended the third quarter with $554.2 million of liquidity, including $64 million in cash. It also repurchased 2.8 million shares for $100 million, leaving the same amount remaining on its share-repurchase authorization.
The company also opened two Dave & Buster’s and one Main Event store in the third quarter and entered a sale-leaseback transaction with “an institutional real estate investor” for four Dave & Buster’s stores.
“On a personal note, it has been a pleasure to work with Michael as we transformed the company together,” Morris said. “Michael has been a true partner in enabling strong financial performance and has built a high-quality finance organization that will serve this company well for many years to come. The Dave & Buster’s team wishes him a prosperous future as he moves into the next phase of his life. We also sincerely appreciate Michael’s full support of the transition to his successor.”
Quartieri’s last day is scheduled for April 30. Meanwhile, he will provide “advisory services to ensure a smooth transition prior to his retirement date.”
“It has been a pleasure to be a part of the team here at Dave & Buster’s,” Quartieri said. “The company has strong momentum and a tremendous amount of achievable upside, which made it a very difficult decision to retire to spend more time with my family. I want to express my respect and appreciation for the passion and dedication of our talented team members at all our stores and throughout the company and want to thank them for all they do to care for our guests and deliver for our shareholders each and every day.”
Founded in Dallas in 1982, Dave & Buster’s operates more than 140 locations. The company has been acquired or partially acquired three times since 1989.
