1
                                                                    EXHIBIT 99.1

FOR IMMEDIATE RELEASE                         Contact: Lonnie J. Stout II
                                                       or R. Gregory Lewis
                                                       (615) 269-1900


                     J. ALEXANDER'S CORP. BOARD OF DIRECTORS
                       AUTHORIZES STOCK REPURCHASE PROGRAM

         Nashville, Tenn.-- May 23, 2001 -- J. Alexander's Corporation, owner
and operator of 22 J. Alexander's in 11 states (AMEX: JAX) today announced that
its Board of Directors has authorized the repurchase of up to $1 million worth
of shares of the Company's common stock in open market purchases or otherwise in
compliance with applicable securities laws. The amount and timing of any
repurchases will be at such prices as management of the Company from time to
time approves. The Company currently has approximately 6.9 million shares of
common stock outstanding. Banc of America Securities LLC will serve as the
Company's transaction agent for any shares repurchased.

         Lonnie J. Stout II, chairman, president and chief executive officer,
stated, "We believe that the stock, at its current valuation, represents an
attractive investment opportunity for the Company. The action by the Board
reflects its confidence in the Company's cash flows, which we expect will be
sufficient along with our available credit resources to support the stock
repurchase program and further expansion of our business."

         J. Alexander's Corporation operates its 22 J. Alexander's restaurants
in Alabama, Colorado, Florida, Illinois, Kansas, Kentucky, Louisiana, Michigan,
Ohio, Tennessee and Texas. J. Alexander's is a contemporary American restaurant
placing a special emphasis on food quality and professional service. The Company
is headquartered in Nashville, Tennessee.


                                     -more-



   2

This press release contains forward-looking statements that involve risks and
uncertainties. Actual results, performance or developments could differ
materially from those expressed or implied by those forward-looking statements
as a result of known or unknown risks, uncertainties and other factors,
including those associated with the Company's ability to increase sales and
profitability in certain of its restaurants, and others described from time to
time in the Company's filings with the Securities and Exchange Commission, press
releases and other communications.




                                       ###