Biglari Capital sends letter to Cracker Barrel shareholders, urges change

Biglari Capital issued the following letter to shareholders of Cracker Barrel Old Country Store. The letter stated, in part, “Dear Shareholders of Cracker Barrel Old Country Store Inc.: Through affiliated entities, we have been shareholders of Cracker Barrel since 2011. We currently own 2,069,141 shares. Since 2019, the shareholders of Cracker Barrel have collectively lost over $2.9 billion in market value. As 9.3% owners of the stock, we have lost our proportional share. Neither the appointment of Julie Felss Masino as the company’s CEO nor her new transformation plan has restored shareholder confidence. In fact, Cracker Barrel’s share price fell 14.5% when the transformation plan was revealed on May 16, 2024, and is down 50.9% since Ms. Masino became CEO-elect on August 7, 2023. This letter is devoted not only to the current plans of the company but also to the historical decisions that led to Cracker Barrel’s current crisis. A postmortem is instructive so as not to repeat past mistakes.”