Biglari announces proxy advisors recommend to vote against Cracker nominees

Biglari Capital announced that independent proxy advisory firms, Institutional Shareholder Services, or ISS, and Glass Lewis, have recommended that shareholders vote AGAINST the election of one or more incumbent nominees of Cracker Barrel (CBRL) Old Country Store at the Company’s upcoming annual meeting of shareholders, scheduled to be held on November 20. In its report, Glass Lewis noted the board’s attempts to deflect and distract shareholders and that Biglari Capital has been correct in its criticisms of the Company and highlighted Cracker Barrel’s Disappointing Transformation Plan, TSR and Operating Performance: “TSR has been disappointing since the CEO transition , and over the past one, three, and five years,” and added “Based on this new FY2026 guidance and lack of guidance for FY2027, it appears that the company does not expect to achieve its strategic plan financial goals on its original timeline.” Biglari Capital urged stockholders to sign, date, and return the GOLD proxy card.