Urges Shareholders to Vote the WHITE Card
Today "For Only" Cracker Barrel's
10 Recommended Nominees
Visit CrackerBarrelShareholders.com for More
Information
LEBANON,
Tenn., Oct. 9, 2024 /PRNewswire/ -- Cracker
Barrel Old Country Store, Inc. (Nasdaq: CBRL) today filed
definitive proxy materials with the Securities and Exchange
Commission in connection with the Company's upcoming Annual Meeting
of Shareholders (the "Annual Meeting") to be held on November 21, 2024. Shareholders of record as of
September 27, 2024 will be entitled
to vote at the meeting. The proxy statement and other important
information related to the Annual Meeting can be found at
CrackerBarrelShareholders.com.
In connection with the filing of the definitive proxy, the
Cracker Barrel Board of Directors (the "Board") has also mailed a
letter to the Company's shareholders. The letter underscores the
actions taken by Cracker Barrel's refreshed and strengthened Board
and leadership team to develop a long-term strategic transformation
plan to drive growth and create sustainable, long-term value for
shareholders, as well as the significant risk of shareholder value
destruction if Sardar Biglari and
Milena Alberti-Perez were elected to
the Board. The Board urges shareholders to vote the white card
today "FOR ONLY" Cracker Barrel's 10 recommended nominees.
The full text of the letter follows:
Dear Fellow Shareholder,
Our Annual Meeting of Shareholders is coming up on November 21, 2024, and we are writing to
encourage you to vote for Cracker Barrel's 10 recommended nominees
to your Board of Directors. The stakes are very high this year
because Sardar Biglari has launched
yet another proxy contest, nominating himself and two other
candidates for election to your Board.
This marks the seventh time Mr. Biglari has pursued a costly and
distracting proxy contest in the last 13 years. Each time his
proxy contests have gone to a vote, our shareholders have rejected
Mr. Biglari's nominees and his positions by significant and
increasing margins. We ask that you reject Mr. Biglari again for
the reasons we discuss in this letter.
—
Cracker Barrel is one of the most iconic brands in American
casual and family dining, with tremendous brand affinity, loyal
guests, and a deep connection with the communities we serve. For 55
years, the Company has been dedicated to our mission of "Pleasing
People" and we pride ourselves on our quality, value and friendly
service. Nothing means more to your Board than delivering on that
promise for our guests, our employees, and our shareholders.
We are the first to acknowledge that Cracker Barrel struggled
coming out of the pandemic more than some brands, and since then
the Company has not delivered the results that our shareholders
expect and deserve. But to be clear, contrary to Mr.
Biglari's claims, Cracker Barrel is not in crisis. Our
traffic, while lower than we want or need it to be, is still
significant, and we operate profitably; we just need to do a lot of
hard work to reinvigorate the brand and regain a leadership
position in our industry.
Last year, our Board recruited and appointed a new President and
Chief Executive Officer, Julie
Masino. Ms. Masino is a world-class executive with the
expertise to lead the charge on a strategic transformation to carve
new paths for growth and usher in the next era of value creation
for Cracker Barrel shareholders. She has publicly laid out a
detailed transformation plan, informed by months of thoughtful
analysis as we explain below. We are already driving progress
from this plan — with much more to come.
To support the Company's success, for years now, we have
consistently and thoughtfully refreshed the Board to ensure we have
the right balance of knowledge and perspectives as well as critical
restaurant and hospitality experience. Since 2019, we have
appointed seven new independent directors with strong skills and
experience, including Mr. Biglari's nominee, Jody Bilney, in 2022. We also recently named a
new independent Chairman, Carl
Berquist. All of our directors, including Ms.
Bilney, were actively involved in the development of our strategic
transformation plan and they unanimously support the plan and the
investments that it requires.
Despite this, Mr. Biglari still chose to nominate himself and
four other candidates – two of whom he later withdrew without
explanation – for election to the Board. We believe the fact
that Mr. Biglari would pursue yet another proxy contest when we
have a new CEO, a well-defined three-year transformation plan
beginning to take hold, and a refreshed Board speaks volumes about
Mr. Biglari's questionable motives. Rather than seeking what is
best for the Company and all shareholders, we believe that Mr.
Biglari is once again trying to secure a long-sought "win" for
himself personally, at the expense of other shareholders.
Despite our long history with Mr. Biglari and in keeping with
our track record of superior corporate governance, our Board
interviewed all four of his initial independent nominees, carefully
considering their qualifications and our needs. We then made
multiple settlement offers to Mr. Biglari that included appointing
two of his qualified original nominees to the Board so as to avoid
the cost and distraction of another proxy contest. However, he
rejected each of our settlement offers outright, and made it clear
to us that his goal was to personally join the Board. We refused to
agree to appoint Mr. Biglari to the Board, because we firmly
believe this result would be destructive for shareholders for the
reasons we explain below.
The Board did, however, conclude that one of Mr. Biglari's
nominees, Michael Goodwin, has the
skills, experience, and knowledge about the retail, restaurant, and
hospitality industries and about Cracker Barrel to make him an
outstanding Cracker Barrel director. The Board concluded that
Milena Alberti-Perez and Mr. Biglari
did not. As evidence of how carefully and fairly we reviewed the
candidates nominated by Mr. Biglari and how strongly we believe in
our conclusions, one of our existing directors whom Mr. Biglari
originally challenged, Tom Barr, has
decided not to stand for reelection and we are taking the highly
unusual step of recommending that he be replaced by Mr.
Goodwin. But despite this, Mr. Biglari continues to push
his unnecessary proxy contest.
Including Mr. Goodwin, your Board is recommending the election
of the following 10 nominees who we believe have superior
qualifications to build the value of your investment in Cracker
Barrel:
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✓ Carl
Berquist
✓ Jody
Bilney
✓ Meg
Crofton
✓ Gilbert
Dávila
✓ John
Garratt
|
✓ Michael
Goodwin
✓ Cheryl
Henry
✓ Julie
Masino
✓ Gisel
Ruiz
✓ Darryl
"Chip" Wade
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|
|
We believe that replacing any of Cracker Barrel's recommended
nominees with Mr. Biglari or Ms. Alberti-Perez would deprive
the Company of important skills and expertise and risk derailing
our progress during this especially critical time for the
business.
WE URGE YOU TO
VOTE THE WHITE CARD TODAY "FOR ONLY"
CRACKER BARREL'S 10 RECOMMENDED NOMINEES
A Vote on the WHITE Card Protects the Value of Your
Investment,
and is a Vote FOR the Future of Cracker Barrel
|
Cracker Barrel's Board Has Taken and Continues
to Take Action Designed to Drive the Company's Growth and Create
Sustainable, Long-Term Value for Shareholders
New Leadership – Increasing the Pace of Change and Returning
to Growth
Following the Board's thoughtful leadership succession planning
and robust recruitment process, Julie
Masino was appointed President and CEO in November 2023, bringing to Cracker Barrel more
than 30 years of experience driving innovation and growth for
globally loved and recognized restaurant and retail brands.
Highlights of
Ms. Masino's experience include:
• As President, International of Taco Bell, she led the
expansion of the division to over 1,000 restaurants in 32
countries.
• Previously, as North America President of Taco Bell,
she delivered eight consecutive quarters of positive comp growth
while launching culinary, technology, and business model
innovations.
• She brings other valuable leadership and consumer
brand experience, having served earlier in her career as CEO of
Sprinkles Cupcakes, as GM of Fisher-Price at Mattel, and in various
leadership roles at Starbucks.
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Ms. Masino acted quickly to bolster the Company's leadership
team and added top-notch executives with relevant skillsets and
passion for our brand, including Chris
Edwards as Chief Strategy Officer (March 2024) and Sarah
Moore as Chief Marketing Officer (July 2024). Our
strengthened leadership team is executing with urgency to address
areas of opportunity, while leveraging the Company's rich culture
and ensuring our restaurants continue to be a place where people
feel welcomed and cared for like family.
New Strategic Plan – Positive Momentum Underway
Following Ms. Masino's appointment, and aided by her fresh
perspectives on the business, the Board and leadership team
partnered with top-tier advisors and undertook an intensive review
of the Company's strategy and brand position over a period of
several months. This data-driven review was backed by extensive
customer feedback and research, leading to a clear understanding of
what guests love about Cracker Barrel, as well as what we could do
better. The leadership team, with the Board's unanimous
support, leveraged these important insights to develop a long-term
strategic transformation plan to drive relevance, deliver an
experience guests love, and grow sales and
profitability.
There are five
pillars to our transformation plan: 1. Refining the
brand: evolving the brand across all touchpoints to refine and
strengthen positioning to delight existing and new guests.
2. Enhancing the menu: introducing menu innovation
focused on craveability and traffic drivers, streamlining processes
to improve execution, and optimizing strategic pricing to protect
value and improve profitability.
3. Evolving the store and guest experience: delivering
an exceptional guest experience through operational excellence and
improved store design and atmosphere; testing remodel prototypes
with plans to complete 25-30 remodels in fiscal 2025.
4. Winning in digital and off-premise: growing the
off-premise business and leveraging technology such as Cracker
Barrel rewards; leveraging guest data to better understand consumer
behavior and identify ways to drive frequency and engagement.
5. Elevating the employee experience: upgrading
training and development programs and tools and simplifying job
roles and utilizing technology to improve the employee
experience.
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This transformation plan honors what guests love about Cracker
Barrel and works to ensure that we remain top of mind for their
next meal and increase traffic and sales. Importantly, it also
positions the Company to capture greater market share by opening
the door to a new community of guests to get to know – and love –
Cracker Barrel.
As shared on the Company's recent earnings call, we are seeing
green shoots as the transformation takes hold. Our new menu items
are resonating with guests, our optimized pricing initiative is
delivering strong flow-through and value perception scores, our
loyalty program is delivering incremental sales and traffic, and we
are seeing a lift in traffic and sales in our remodeled pilot
stores.
Importantly, this is only the beginning. We
believe we have the data, the insights, and the right team to
charge forward in restoring Cracker Barrel to a position of
industry leadership.
We Believe Mr. Biglari's Ideas Risk Destroying
Value and His Track Record is Controversial.
His
Insistence on a Proxy Contest Appears to be About Self-Interest –
Securing a Board Seat for Himself – Not the Best Interests of All
Shareholders
In contrast to the Company's data-informed and extensively
developed transformation plan, we believe Mr. Biglari offers no
substantive solutions to the challenges we and the casual dining
industry face. When coupled with his poor track record of
performance in the restaurant space and even poorer track record
with respect to corporate governance, it is not hard to understand
why our Board rejected his candidacy.
Mr. Biglari Doesn't Have a Credible Plan.
As a shareholder, Mr. Biglari has a right to be heard, which is
why Julie Masino reached out to him
and other major shareholders shortly into her tenure as President
and CEO to solicit feedback. Ms. Masino and members of our senior
leadership team hosted Mr. Biglari at two in-person meetings – once
in March and again in June this year. During these meetings, Mr.
Biglari demonstrated what we found to be a shallow and outdated
understanding of our guests, our operations, and the work we are
doing. While each of the five pillars of our transformation
plan is grounded in extensive data-driven research, customer
feedback, and tens of thousands of hours of thoughtful planning,
Mr. Biglari's "plan" is to take Cracker Barrel back to "1980's"
menus, insist we "focus on our stores" (here we agree, although for
us its more than a slogan, it's about executing actual
initiatives), and divest Maple Street Biscuit Company, in the
misguided belief that it is a distraction. More critically,
Mr. Biglari wants to deprive our business of needed investments to
drive customer engagement and instead pay an unsustainable
dividend. Bottom line, Mr. Biglari has provided no
credible or clear alternative to our transformation plan, and we
believe his ideas are simplistic and would destroy shareholder
value.
Mr. Biglari's Restaurant Track Record is Poor
Mr. Biglari claims that he has extensive restaurant experience,
but under his leadership, Steak'n'Shake has seen significant
declines in traffic and same store sales, an alienation of
customers through its transition to a kiosk model, and a fall in
revenue of 20.6%. Also under Mr. Biglari, Western Sizzlin' system
sales have fallen by almost 50% and the number of units have
reduced to just 33 as of June
20241. Mr. Biglari openly admits to
"wringing cash from the business" to channel it into other
investments. As we wrote to you in 2020, we consider the
deterioration of Steak'n'Shake, a brand that once held a storied
place in American restaurant history, to be a cautionary tale of
poor capital allocation, underinvestment, lack of strategic vision,
subpar leadership, and lost brand identity. These are hardly
the mistakes we need to bring into our Boardroom at this critical
juncture.
Mr. Biglari's Corporate Governance Track Record is Even
Worse
In the proxy contest Mr. Biglari launched at Cracker Barrel in
2020, shareholder advisory firm ISS wrote2,
"It is worth noting that the dissident's company, Biglari
Holdings, is notorious for flagrantly violating corporate
governance standards and shareholder rights." In our view,
nothing has improved since then. Mr. Biglari's focus, at Cracker
Barrel and the other companies where he has been involved, appears
to be on gains for himself and his fund – at the expense of other
shareholders and the long-term success of the business.
Mr. Biglari Seeks Outsized Influence
Our Board works for the benefit of all shareholders, not
one. If shareholders follow our recommendations, our Board of
10 directors will have two individuals originally nominated by Mr.
Biglari: Jody Bilney and
Michael Goodwin. It is hard to
imagine that a non-controlling shareholder (holding less than 10
percent of our outstanding stock) could ask for better
representation on our Board. Contrary to what Mr. Biglari says, we
believe his presence in the Boardroom would not protect
shareholders' interests but would degrade them. We have seen over
the years that Mr. Biglari's demands and perspectives, at Cracker
Barrel and his other restaurant companies, focus mainly on what is
best for him rather than the interests of the business or his
fellow shareholders. We expect this dynamic would become even
more pronounced if he were elected to the Board.
__________________________________
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1 Source:
Public filings, Technomic and company website as of October
2024.
2 Permission to use quote neither sought nor
obtained.
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For all of these reasons, we are confident Cracker Barrel
shareholders would not benefit from placing Mr. Biglari on the
Board and should reject his candidacy in the same manner as they
have consistently and overwhelmingly done in his past
contests.
We Believe Cracker Barrel's 10 Recommended
Nominees are the Right Ones to Oversee the Company's Strategic
Transformation. The Board Needs Your Support to Maintain the Pace
of Change
Cracker Barrel's 10 recommended director nominees are:
Carl Berquist, Jody Bilney, Meg
Crofton, Gilbert Dávila, John
Garratt, Michael Goodwin,
Cheryl Henry, Julie Masino, Gisel
Ruiz, and Darryl "Chip" Wade. Collectively, these
candidates bring the necessary experience to oversee the Company's
transformation, return the business to growth and deliver enhanced
value for all shareholders. Notably, if all 10 recommended nominees
are elected to your Board, all of them will have joined since the
beginning of 2017, with eight of those since the beginning of
2020. Further, all directors except for Cracker Barrel's
President and CEO, Ms. Masino, will be independent and 80% will be
diverse. And, as noted above, two of the Board's
recommended nominees were originally put forward by Mr. Biglari,
one in 2022 and one this year, clear evidence of our Board's
openness to shareholder feedback and outside perspectives.
Mr. Biglari has noted in his proxy solicitation materials that
he is seeking to replace the Cracker Barrel Board Chairman,
Carl Berquist, and independent
director, Meg Crofton. Current
director Tom Barr has chosen to
retire from the Board and will not stand for election this year.
Mr. Berquist is our newly appointed independent Chairman, and his
stewardship is important to supporting the Company's transformation
efforts. Ms. Crofton chairs the Nominating and Corporate Governance
Committee and brings valuable leadership, industry, and public
company board experience.
Carl Berquist is an
independent director who joined the Board in 2019 and was elected
to the role of Chairman last year. Mr. Berquist received uniformly
high grades from his fellow directors for his leadership,
oversight, and wisdom during our annual Board evaluation
process. Mr. Berquist served as Executive Vice President and
Chief Financial Officer of Marriott, was former Global Real Estate
and Hospitality Industry Head of Arthur Andersen and was Managing
Partner of the mid-Atlantic region for Arthur Andersen. He brings
deep financial experience and significant knowledge of the
hospitality industry, as well as real estate and corporate
transactions experience.
Meg Crofton is an
independent director who joined the Board in 2017. Ms. Crofton
spent 35 years with The Walt Disney Company, holding executive
leadership positions in operating areas including President of
Walt Disney World and President of
Parks and Resorts Operations, U.S. and France. From 2016 to 2023, she served on the
Board of Tupperware Brands Corporation, chairing the nominating and
corporate governance committee and sitting on the compensation
committee. Ms. Crofton is currently a director at HCA Healthcare,
Inc., serving on the compensation and patient safety and quality of
care committee.
We are asking for shareholders to vote the WHITE Proxy Card
"FOR ONLY" Cracker Barrel's 10 recommended nominees to support
Cracker Barrel's continued momentum.
Elect All of Cracker Barrel's Recommended
Nominees to Ensure Your Company Thrives Today,
Tomorrow and Well into the Future
Your Board and leadership team are taking the action necessary
to usher in a new era of growth and value creation. We recognize
that Cracker Barrel must evolve and we are confident the
transformation plan being implemented by the Company's leadership
team is the right one to deliver value for ALL shareholders. In
contrast, we believe the election of Sardar
Biglari and Milena
Alberti-Perez to your Board would endanger the progress we
are seeing and jeopardize value creation.
We urge you to vote the WHITE PROXY CARD FOR ONLY Cracker
Barrel's 10 recommended nominees – Carl
Berquist, Jody Bilney,
Gilbert Dávila, Meg Crofton,
John Garratt, Michael Goodwin, Cheryl
Henry, Julie Masino,
Gisel Ruiz, and Darryl "Chip"
Wade.
Thank you for your continued support,
The Cracker Barrel Board of Directors
YOUR VOTE IS IMPORTANT. Whether or not you plan to
virtually attend the Annual Meeting, please take a few minutes now
to vote by Internet or by telephone by following the instructions
on the WHITE proxy card, or to sign, date and return the enclosed
WHITE proxy card in the enclosed postage-paid envelope provided. If
you are a beneficial owner or you hold your shares in "street
name," please follow the voting instructions provided by your bank,
broker or other nominee. Regardless of the number of Company shares
you own, your presence by proxy is helpful to establish a quorum
and your vote is important.
OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS
A VOTE "FOR ONLY" EACH OF CRACKER BARREL'S 10 RECOMMENDED NOMINEES
ON THE ENCLOSED WHITE PROXY CARD.
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If you have any
questions or require any assistance with voting your shares,
please call the Company's proxy solicitor: OKAPI PARTNERS
LLC
1212 Avenue of the Americas, 17th Floor
New York, NY 10036
Banks and Brokerage Firms, Please Call: (212) 297-0720
Shareholders and All Others Call Toll-Free: (855) 208-8902
Email: info@okapipartners.com
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Forward-Looking Statements
Except for specific
historical information, certain of the matters discussed in this
communication may express or imply projections of items such as
revenues or expenditures, statements of plans and objectives or
future operations or statements of future economic performance.
These and similar statements regarding events or results that
Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the
"Company") expects will or may occur in the future are
forward-looking statements concerning matters that involve risks,
uncertainties and other factors which may cause the actual results
and performance of the Company to differ materially from those
expressed or implied by such forward-looking statements. All
forward-looking information is provided pursuant to the safe harbor
established under the Private Securities Litigation Reform Act of
1995 and should be evaluated in the context of these risks,
uncertainties and other factors. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as "trends," "assumptions," "target," "guidance,"
"outlook," "opportunity," "future," "plans," "goals," "objectives,"
"expectations," "near-term," "long-term," "projection," "may,"
"will," "would," "could," "expect," "intend," "estimate,"
"anticipate," "believe," "potential," "regular," "should,"
"projects," "forecasts," or "continue" (or the negative or other
derivatives of each of these terms) or similar
terminology.
The Company believes that the assumptions underlying any
forward-looking statements are reasonable; however, any of the
assumptions could be inaccurate, and therefore, actual results may
differ materially from those projected in or implied by the
forward-looking statements. In addition to the risks of
ordinary business operations, factors and risks that may result in
actual results differing from this forward-looking information
include, but are not limited to risks and uncertainties associated
with inflationary conditions with respect to the price of
commodities, ingredients, transportation, distribution and labor;
disruptions to the Company's restaurant or retail supply chain; the
Company's ability to manage retail inventory and merchandise mix;
the Company's ability to sustain or the effects of plans intended
to improve operational or marketing execution and performance,
including the Company's strategic transformation plan; the effects
of increased competition at the Company's locations on sales and on
labor recruiting, cost, and retention; consumer behavior based on
negative publicity or changes in consumer health or dietary trends
or safety aspects of the Company's food or products or those of the
restaurant industry in general, including concerns about outbreaks
of infectious disease; the effects of the Company's indebtedness
and associated restrictions on the Company's financial and
operating flexibility and ability to execute or pursue its
operating plans and objectives; changes in interest rates,
increases in borrowed capital or capital market conditions
affecting the Company's financing costs and ability to refinance
its indebtedness, in whole or in part; the Company's reliance on a
single distribution facility and certain significant vendors,
particularly for foreign-sourced retail products; information
technology disruptions and data privacy and information security
breaches, whether as a result of infrastructure failures, employee
or vendor errors or actions of third parties; the Company's
compliance with privacy and data protection laws; changes in or
implementation of additional governmental or regulatory rules,
regulations and interpretations affecting tax, health and safety,
animal welfare, pensions, insurance or other undeterminable areas;
the actual results of pending, future or threatened litigation or
governmental investigations; the Company's ability to manage the
impact of negative social media attention and the costs and effects
of negative publicity; the impact of activist shareholders; the
Company's ability to achieve aspirations, goals and projections
related to its environmental, social and governance initiatives;
the Company's ability to enter successfully into new geographic
markets that may be less familiar to it; changes in land, building
materials and construction costs; the availability and cost of
suitable sites for restaurant development and the Company's ability
to identify those sites; the Company's ability to retain key
personnel; the ability of and cost to the Company to recruit,
train, and retain qualified hourly and management employees;
uncertain performance of acquired businesses, strategic investments
and other initiatives that the Company may pursue from time to
time; the effects of business trends on the outlook for individual
restaurant locations and the effect on the carrying value of those
locations; general or regional economic weakness, business and
societal conditions and the weather impact on sales and customer
travel; discretionary income or personal expenditure activity of
the Company's customers; implementation of new or changes in
interpretation of existing accounting principles generally accepted
in the United States of America
("GAAP"); and other factors described from time to time in the
Company's filings with the Securities and Exchange Commission (the
"SEC"), press releases, and other communications. Any
forward-looking statement made by the Company herein, or elsewhere,
speaks only as of the date on which made. The Company expressly
disclaims any intent, obligation or undertaking to update or revise
any forward-looking statements made herein to reflect any change in
the Company's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based.
Important Additional Information and Where to Find
It
On October 9, 2024, Cracker
Barrel filed a definitive proxy statement on Schedule 14A (the
"Proxy Statement") and an accompanying WHITE proxy card in
connection with the solicitation of proxies for the 2024 Annual
Meeting of Cracker Barrel shareholders (the "Annual Meeting").
INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE
PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN
THEIR ENTIRETY AS THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION. Shareholders may obtain copies of these documents and
other documents filed with the SEC by Cracker Barrel for no charge
at the SEC's website at www.sec.gov. Copies will also be available
at no charge in the Investors section of Cracker Barrel's corporate
website at www.crackerbarrel.com.
Participants
Cracker Barrel, its directors and its
executive officers will be participants in the solicitation of
proxies from Cracker Barrel shareholders in connection with the
matters to be considered at the Annual Meeting. Information
regarding the names of Cracker Barrel's directors and executive
officers and certain other individuals and their respective
interests in Cracker Barrel by security holdings or otherwise is
set forth in the Proxy Statement. To the extent holdings of such
participants in Cracker Barrel's securities have changed since the
amounts described in the Proxy Statement, such changes have been
reflected on Initial Statements of Beneficial Ownership on Form 3,
Statements of Change in Ownership on Forms 4 or Annual Statement of
Changes in Beneficial Ownership of Securities on Forms 5 filed with
the SEC. Copies of these documents are or will be available at no
charge and may be obtained as described in the preceding
paragraph.
About Cracker Barrel Old Country Store®
Cracker Barrel
Old Country Store, Inc. (Nasdaq: CBRL) is on a mission to bring
craveable, delicious homestyle food and unique retail products to
all guests while serving up memorable, distinctive experiences that
make everyone feel welcome. Established in 1969 in Lebanon, Tenn., Cracker Barrel and its
affiliates operate approximately 660 company-owned Cracker Barrel
Old Country Store® locations in 44 states and own the fast-casual
Maple Street Biscuit Company. For more information about the
company, visit www.crackerbarrel.com.
Investor Contact:
Adam
Hanan
(615) 443-9887
Okapi Partners LLC
(855) 208-8902
Media Contact:
Heidi
Pearce
(615) 235-4135
Leigh Parrish, Tim Lynch
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE Cracker Barrel Old Country Store, Inc.