The Cracker Barrel (CBRL) Old Country Store mailed a letter to the company’s shareholders in connection with the upcoming Annual Meeting of Shareholders to be held on November 21. Shareholders of record as of September 27 will be entitled to vote at the meeting. The letter reiterates the actions the Board has taken to deliver sustainable value for all shareholders, including overseeing the ongoing execution of the company’s data-driven, comprehensive strategic transformation plan. This stands in stark contrast with the proposals of Sardar Biglari, whose plan is essentially to stop investing in the long-term growth of the business and to extract capital from Cracker Barrel. The company urges shareholders to protect the value of their investment and allow Cracker Barrel to return to growth by rejecting the candidacy of Biglari and Milena Alberti-Perez. The Board urges shareholders to vote the white card “FOR ONLY” Cracker Barrel’s 10 recommended nominees.
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