Cracker Barrel Board Continues to Misrepresent, says Biglari Capital Corp.
Biglari Capital Corp challenges Cracker Barrel's (CBRL) recent statements regarding capital spending plans ahead of the 2024 Annual Meeting. The dispute centers on conflicting communications about a $600-700 million capital expenditure plan. Biglari highlights inconsistencies between Cracker Barrel's recent claims of $225-325 million in incremental spending versus their May 2024 announcement of $600-700 million in total expenditures. The release also questions the company's execution of technology initiatives dating back to 2017 and criticizes two incumbent board members for presiding over a nearly 70% decline in stock value.
Biglari Capital Corp sfida le recenti dichiarazioni di Cracker Barrel (CBRL) riguardo ai piani di spesa per capitali in vista dell'Assemblea Annuale del 2024. La controversia si concentra su comunicazioni contrastanti riguardo a un piano di spesa in capitale da 600-700 milioni di dollari. Biglari evidenzia incongruenze tra le recenti affermazioni di Cracker Barrel di spese incrementali di 225-325 milioni di dollari rispetto all'annuncio di maggio 2024 di 600-700 milioni di dollari in spese totali. Il comunicato mette anche in dubbio l'esecuzione da parte dell'azienda delle iniziative tecnologiche risalenti al 2017 e critica due membri uscenti del consiglio per aver presieduto a un calo di quasi il 70% del valore delle azioni.
Biglari Capital Corp desafía las recientes declaraciones de Cracker Barrel (CBRL) sobre los planes de gasto de capital antes de la Reunión Anual de 2024. La disputa se centra en comunicaciones contradictorias sobre un plan de gasto de capital de 600 a 700 millones de dólares. Biglari destaca inconsistencias entre las recientes afirmaciones de Cracker Barrel de gastos incrementales de 225 a 325 millones de dólares frente a su anuncio de mayo de 2024 de 600 a 700 millones de dólares en gastos totales. El comunicado también cuestiona la ejecución por parte de la compañía de iniciativas tecnológicas que datan de 2017 y critica a dos miembros actuales de la junta por presidir una caída de casi el 70% en el valor de las acciones.
빅라리 캐피탈 코프는 2024년도 정기 주주총회를 앞두고 크래커 배럴(CBRL)의 최근 자본 지출 계획에 대한 성명에 도전합니다. 이 논쟁은 6억~7억 달러의 자본 지출 계획에 대한 상충되는 커뮤니케이션에 초점을 맞추고 있습니다. 빅라리는 크래커 배럴이 주장한 2억 2천5백만~3억 2천5백만 달러의 추가 지출과 2024년 5월의 총 지출 6억~7억 달러 발표 사이의 불일치를 강조합니다. 이 보도자료는 또한 2017년으로 거슬러 올라가는 기술 이니셔티브 실행에 대한 회사의 수행을 의문시하며, 주식 가치가 거의 70% 하락한 동안 이사회에 앉아 있는 두 명의 현직 이사를 비판합니다.
Biglari Capital Corp remet en question les récentes déclarations de Cracker Barrel (CBRL) concernant les plans de dépenses en capital avant l'Assemblée Générale de 2024. Le différend porte sur des communications contradictoires au sujet d'un plan de dépenses en capital de 600 à 700 millions de dollars. Biglari souligne des incohérences entre les récentes affirmations de Cracker Barrel concernant des dépenses supplémentaires de 225 à 325 millions de dollars et leur annonce de mai 2024 concernant des dépenses totales de 600 à 700 millions de dollars. Le communiqué remet également en question l'exécution par l'entreprise d'initiatives technologiques remontant à 2017 et critique deux membres sortants du conseil d'administration pour avoir supervisé une baisse de près de 70 % de la valeur des actions.
Biglari Capital Corp stellt die jüngsten Aussagen von Cracker Barrel (CBRL) zu den Kapitalausgabenplänen im Vorfeld der Jahreshauptversammlung 2024 in Frage. Der Streit dreht sich um widersprüchliche Mitteilungen zu einem Kapitalausgabenplan von 600 bis 700 Millionen US-Dollar. Biglari hebt Unstimmigkeiten zwischen den jüngsten Behauptungen von Cracker Barrel über zusätzliche Ausgaben in Höhe von 225 bis 325 Millionen US-Dollar und der Ankündigung vom Mai 2024 über Gesamtausgaben von 600 bis 700 Millionen US-Dollar hervor. Die Pressemitteilung hinterfragt auch die Umsetzung von Technologie-Initiativen durch das Unternehmen, die bis ins Jahr 2017 zurückreichen, und kritisiert zwei amtierende Verwaltungsratsmitglieder dafür, dass sie über einen Rückgang des Aktienwerts um fast 70% hinwegsehen.
- None.
- Stock value has declined by approximately 70%
- Inconsistent communication regarding capital expenditure plans
- Delayed execution of technology initiatives since 2017
Insights
This proxy battle represents a significant challenge to Cracker Barrel's leadership and strategic direction. The dispute centers on a
The contested points about technology investments dating back to 2017 without substantial execution raise legitimate questions about board effectiveness. Biglari Capital's challenge, backed by significant shareholding and institutional knowledge, presents a credible alternative to incumbent directors. The upcoming shareholder vote could trigger substantial changes in corporate governance and strategic direction, potentially affecting future capital allocation and business performance.
The conflicting narratives around capital expenditure plans raise serious red flags about financial transparency and strategic planning. The discrepancy between the May 2024 announcement of
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.
What Cracker Barrel says about its
"Sardar Biglari continues to misrepresent Cracker Barrel's capital spending plan. We are NOT spending
What Cracker Barrel Previously said about its
"Capital expenditures over the three-year period of fiscal 2025 through fiscal 2027 of approximately
"For the three-year period, we anticipate total capital expenditures of
The Cracker Barrel investment into technology and tablets has been mentioned in strategic plans since 2017. Why is the Company failing to execute? Why is the Board failing to provide proper oversight?
A Recurring Theme: What Cracker Barrel has been Saying for Seven Years
Fourth Quarter 2017 Cracker Barrel Earnings Call: "We anticipate that capital expenditures for the year will be in the range of
What Cracker Barrel Says on the Eve of the Annual Meeting:
"Carl Berquist and Meg Crofton are change agents for the Board and the business, while also serving as important sources of stability and institutional knowledge." (November 19, 2024 Press Release)
The Reality:
The two directors presided over a near
Cracker Barrel stockholders have a clear choice before them: take a chance on the two incumbents who have overseen the destruction of almost
Vote the GOLD Card for Milena Alberti-Perez and Sardar Biglari.
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SOURCE Biglari Capital Corp.
FAQ
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