China’s Xi speaks with Trump by phone, discusses Taiwan and bilateral ties
Investing.com -- Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) stock gained 4% on Friday after activist investor Biglari Capital released a statement criticizing the reelection of CEO Julie Felss-Masino and highlighting retail shareholder opposition to current leadership.
Biglari Capital, which has waged a years-long campaign against Cracker Barrel’s management, claimed in its statement that "retail shareholders of Cracker Barrel, who presumably know and like the brand, overwhelmingly voted against the CEO." The investment firm argued that index funds voted differently from individual investors, suggesting a disconnect between institutional voting patterns and customer sentiment.
The activist investor, led by Sardar Biglari, has been engaged with Cracker Barrel since 2011, launching multiple proxy battles and consistently criticizing the company’s strategic direction. In its latest statement, Biglari Capital described the current CEO as "an unmitigated disaster" and predicted continued weakness in customer traffic.
Cracker Barrel has faced challenges in recent years, including declining store traffic and controversial rebranding efforts. The restaurant chain, known for its Southern-style food and country store retail concept, has seen its stock price struggle amid these operational difficulties.
Despite Biglari’s ongoing criticism, Cracker Barrel’s board has maintained support for Felss-Masino, who was appointed CEO in 2023. The activist’s statement suggested that value restoration would only begin when "the Board admits its mistake and fires the CEO."
The stock movement indicates some investors may see the activist pressure as a potential catalyst for change at the restaurant chain, which operates over 660 locations across 45 states.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.