Biglari Capital urges Cracker Barrel shareholders to vote against directors

Biglari Capital Corp. has called on Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) shareholders to vote against certain directors at the company's upcoming annual meeting, according to a statement released by the investment firm.

The investment firm stated that Cracker Barrel's share price has declined 30% since the company reiterated its commitment to pursue its transformation plan. Biglari Capital claims the company has lost over $1 billion in market value under CEO Julie Masino's leadership.

According to data provided by Biglari Capital, short interest in Cracker Barrel stock represents approximately 24.47% of the float as of November 7, 2025. The firm presented a table showing short interest levels have remained elevated over recent months, ranging from 14.84% to 25.09% of the float between May and November 2025.

Biglari Capital stated it believes only a new CEO with restaurant turnaround experience can address the business challenges. The firm has filed a definitive proxy statement with the SEC to solicit proxies to vote against certain directors.

"We believe that only a new CEO with relevant turnaround experience in company-operated restaurants can fix the business and reverse the massive losses that Cracker Barrel shareholders have suffered under CEO Julie Masino," the firm stated.

The investment firm noted that Cracker Barrel's market value decreased from $2.0 billion when Masino was appointed CEO-elect in August 2023 to $667.8 million as of November 12, 2025, according to FactSet data.

Biglari Capital is urging shareholders to use its gold proxy card to vote against the election of CEO Masino and other identified directors at the 2025 shareholder meeting.

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