Cracker Barrel Old Country Store, Inc,. - CBRL STOCK NEWS

Cracker Barrel Old Country Store (Nasdaq: CBRL) announced preliminary results from its Annual Meeting of Shareholders, revealing that all ten directors were re-elected with overwhelming support. Independent Chairman William McCarten expressed gratitude for shareholder backing and noted ongoing adaptation to operational challenges. However, a significant advisory vote against executive compensation has been highlighted, prompting a commitment to engage with shareholders regarding their concerns. Official election results will be certified by First Coast Results, Inc. and filed with the SEC.

Biglari Capital, a major shareholder with 8.7% ownership in Cracker Barrel (NASDAQ:CBRL), has called for significant changes in the company's Board of Directors. In a recent statement, they highlighted that Director Norman Johnson faced the highest number of withhold votes in a decade, while the company's executive compensation program failed for the first time in history. Biglari Capital advocates for the addition of a director with substantial restaurant experience before the next annual meeting and urges a focus on the core business rather than acquisitions to maximize shareholder value.

Biglari Capital Corp., a significant shareholder of Cracker Barrel (CBRL), owns approximately 8.7% of the company's stock and has nominated Rick Barbrick for its board of directors at the upcoming annual meeting on November 19, 2020. Biglari criticizes Cracker Barrel's board for lacking relevant restaurant experience, particularly after its unsuccessful investment in Punch Bowl Social, which cost shareholders over $137 million. Biglari argues that the board's decisions during the pandemic and their strategy of pursuing unrelated acquisitions highlight the urgent need for knowledgeable leadership.

Cracker Barrel announced its participation in the 94th Annual Macy's Thanksgiving Day Parade, featuring Dolly Parton performing "A Holly Jolly Christmas." To celebrate, they are offering a VIP Watch Party Package for fans, which includes a limited-edition rocking chair, Dolly's new album, and gift cards totaling $250 for Macy's and Cracker Barrel. Nine winners will be selected, with entries open until Nov. 17. Cracker Barrel's float, showcasing its signature memorabilia, will also be part of the parade, airing live on Nov. 26, emphasizing their commitment to holiday traditions amidst the ongoing pandemic.

Biglari Capital, a significant shareholder of Cracker Barrel (CBRL), owning 8.7% of shares, announced that Institutional Shareholder Services (ISS) advocates for a board reshuffle to include members with relevant industry expertise. ISS's analysis highlights CBRL's stock and financial performance struggles, noting a decline in guest traffic and failure to meet financial targets since 2015. It emphasizes the need for experienced oversight, especially after the unsuccessful Punch Bowl Social investment. Biglari urges shareholders to vote for changes, including the nomination of Raymond P. Barbrick to the board.

Cracker Barrel Old Country Store (Nasdaq: CBRL) reported preliminary results for Q1 fiscal 2021, ending October 30, 2020. Comparable store restaurant sales fell 16.4% year-over-year, improving from previous quarters. Retail sales declined 8.1%. The company expects a net income between $167 million and $172 million, with adjusted EBITDA of $50 million to $55 million. Key adjustments include a $218 million non-cash gain from a sale-leaseback transaction and $5 million in proxy contest expenses. These results signal a recovery despite ongoing challenges.

Biglari Capital Corp. has issued a letter to Cracker Barrel shareholders, criticizing the board's resistance to appointing an independent director, Raymond P. "Rick" Barbrick. Despite owning 8.7% of Cracker Barrel's shares, Biglari claims the board is misusing funds to suppress Barbrick's election at the upcoming November 19 meeting. Allegations include distorted shareholder value claims, poor financial performance, and mismanagement linked to a failed $137 million investment in Punch Bowl Social. Biglari advocates for focused leadership to enhance Cracker Barrel’s brand and operations.

Cracker Barrel Old Country Store is enhancing its Thanksgiving offerings for 2020, focusing on safety and convenience amid the pandemic. The company provides options for dining in or enjoying meals at home, featuring individual plates, family dinners, and special holiday meals. Guests can pre-order meals to minimize wait times and receive gift cards with select purchases. Cracker Barrel is implementing strict safety measures at its locations, including online waitlists, enhanced cleaning, and curbside service, ensuring guests can enjoy a safe Thanksgiving experience.

Cracker Barrel Old Country Store announces its support for Military Family Appreciation Month by donating $10 gift cards to Operation Homefront for each Country Fried Turkey Family Meal Basket sold in November, up to $50,000. An additional $50,000 will be donated by the Cracker Barrel Old Country Store Foundation, totaling $100,000. On Veterans Day, military veterans will receive a complimentary slice of cake at participating locations. The initiative aims to assist military families impacted by challenges, particularly those arising from COVID-19.