Cracker Barrel faces a proxy struggle for a destroyed shareholder value

The owner of Steak ‘N Shake trying to put pressure on board of Cracker Barrel in a review of his leadership, which they claim to have destroyed the value of shareholders.

Sardar Biglari, founder of Biglari Capital Corporation, which holds 2.9% of all ordinary Cracker Barrel Old Country Store shares, leads a proxy battle at Cracker Barrel, urging the shareholders to vote against the re -election of the CEO Gilbert Davila, according to the President of Securities.

Biglari is also CEO of Biglari Holdings Inc, which is a parent company that owns restaurants like Steak ‘N Shake and Western Sizzlin.

Cracker Barrel admits that “could do better work” after the new deviation from the logo

“We are looking for the shareholders’ support to vote against these directors not only because of severely destroying the value of shareholders But also a more in -depth failure to understand the brand, its customers and its inheritance and failure to perform the most important work on board, choosing the right executive director, “writes Biglari Capital in the submission of proxy.

Biglari Capital said the board and management “handed over the company’s heritage, alienated loyal customers and undermine investor confidence” through their strategies.

These strategies only worsen the existing challenges instead of solving them, which they claim to have eventually led to refreshing the brand, which they claim to be one of the “Century brand’s biggest mistakes along with Bud Light and Jaguar”.

Steak ‘N Shake escalates the fight against Cracker Barrel’s CEO by posting to X that he paid for a billboard decorated with the words “Fire the Ceo”, formed in Cracker Barrel’s Logo redirected logo.

This is not the first time the company stabs a cracker social media For his marketing accident.

The CEO of Steak ‘N Shake says this change in the signature of the chain can save $ 1MA year: Report

“Sometimes people want to change things just to put their own personality on things,” Steak ‘N Shake published on X in August, along with an image of part of the old Breal Barrel logo. “AT (Cracker Barrel), their purpose is simply to delete the personality completely. Therefore, eliminating the” old timer “from the plate.”

Fox Business turned to Cracker Barrel for comment.

Steak ‘N Shake Slams Cracker Barrel Ceo to remove the “old timer” from the logo: “We are proud of our history”

Following the opening of the changes to the logo and plans for the reconstruction of restaurants as part of a broader effort to modernize the brand, the company confronted the SWIFT reaction, which sent its shares more low and forced him to turn the course.

Less than 10 days after its initial message, Cracker Barrel has announced that it will keep its original logo, stop all efforts to redesign and issue an apology to customers.

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“We thank your guests for sharing your voices and love for Cracker Barrel,” said the restaurant chain in a statement to Fox Business. “We said we will listen and we have. Our new logo is leaving and our” old timer “will remain. In the cracker barrel has always been – and it will always be – to serve delicious food, warm receipts and the type of rural hospitality, which feels like a family. “