Cracker Barrel Board Continues to Misrepresent, says Biglari Capital Corp.

Core Viewpoint - Cracker Barrel Old Country Store, Inc. is facing scrutiny regarding its capital spending plans, with conflicting statements from the company and Sardar Biglari, leading to concerns about transparency and oversight [1][2][3]. Financial Plans and Statements - Cracker Barrel claims it will spend $225 million to $325 million in incremental capital over the next three years, contrary to Biglari's assertion of a $600 million to $700 million plan [2]. - The company previously indicated a capital expenditure of approximately $600 million to $700 million for fiscal years 2025 to 2027, with annual breakdowns of $160 million to $180 million in fiscal 2025, $180 million to $220 million in fiscal 2026, and $260 million to $300 million in fiscal 2027 [2]. Historical Context - Cracker Barrel has mentioned investments in technology and tablets in its strategic plans since 2017, raising questions about the execution of these initiatives [2]. - The company has consistently projected capital expenditures to support its strategic plan, with a notable increase in spending anticipated in 2017 [2]. Board Oversight and Accountability - The current board members, Carl Berquist and Meg Crofton, are described as sources of stability, despite overseeing a nearly 70% decline in the company's stock value [3][4]. - There is a call for stockholders to choose between the incumbents and new candidates who may better facilitate a turnaround and ensure accountability [4]. Voting Recommendation - Stockholders are encouraged to vote for Milena Alberti-Perez and Sardar Biglari as they are viewed as better suited to drive the necessary changes within the company [5].