Biglari Capital issues statement regarding Cracker Barrel director nominees

Biglari Capital issued the following news release regarding Cracker Barrel (CBRL): “As we quickly approach the 2024 Annual Meeting on Thursday, November 21st, Cracker Barrel continues to mislead investors. Stockholders do not need to read between the lines, they only need to read the Company’s actual lines. “Sardar Biglari continues to misrepresent Cracker Barrel’s capital spending plan. We are NOT spending $600 – $700 million on store remodels over the next three years as Mr. Biglari falsely claims. Our strategic plan contemplates spending $225 – $325 million in incremental capital (i.e., over and above our normal rates of capital spending). Store remodels are only a part of this incremental amount. Other investments include improvements to our technology and highly successful loyalty program in order to drive traffic.”… The two directors presided over a near 70% destruction in Cracker Barrel’s value. That is not a source of stability. Sardar Biglari has more institutional knowledge of Cracker Barrel and its operations than any other Director. Cracker Barrel stockholders have a clear choice before them: take a chance on the two incumbents who have overseen the destruction of almost 70% of the stock’s value or elect the two people who are best suited to help execute a turnaround and deliver accountability and proper oversight. Vote the GOLD Card for Milena Alberti-Perez and Sardar Biglari.”