Prominent Cracker Barrel Investor Warned Execs They Were Walking Into a ‘Textbook Trap’
A major investor in Cracker Barrel, Sardar Biglari, who owns about 5% of the company, raised strong concerns last fall about the company’s rebranding and $700 million remodeling plan, calling it a mistake and warning it could harm the brand. Despite his warnings comparing the strategy to failed efforts by similar chains like Ruby Tuesday and Red Lobster, the board and CEO Julie Felss Masino proceeded wiht the change and rejected Biglari’s bid to join the board. The rollout of Cracker Barrel’s new logo sparked meaningful backlash, causing the stock to drop and a $100 million loss in market value. Facing public pressure and criticism, including from former President Donald Trump, the company announced it would revert to its original logo and assured customers that the beloved brand elements and signature hospitality would remain unchanged. Management framed the vote endorsing the transformation as a necessary step for growth and value creation, but the controversy highlighted deep divisions among investors and customers over the company’s direction.
One of Cracker Barrel’s largest investors sent up a red flag last fall regarding the board of directors’ rebranding plan for the company, but it went unheeded.
In a two-page critique on Nov. 13, 2024, Sardar Biglari — who owns approximately 5 percent of the restaurant chain’s stock — wrote his fellow holders that the Cracker Barrel “transformation” was a “mistake” of misguided executives falling into a “textbook trap of overspending on cosmetic remodeling.”
“The day Cracker Barrel opened, it was already old — its theme derived from the 1920s,” Biglari wrote. “I am concerned that not only will the remodel not work but it could actually damage the brand further.”
“These decisions are taking us down the same path, I believe, as Ruby Tuesday, Red Lobster, TGI Fridays, and the like. Let me make my position clear: The company’s $700 million remodel plan will not work!” he contended.
In a previous letter to holders in October 2024, Biglari called the board’s transformation plan “obvious folly.”
Biglari is also a major investor in Steak ‘n Shake, Friendly’s, and Western Sizzlin, Fox Business reported.
holders ultimately sided with Cracker Barrel’s CEO, Julie Felss Masino, who took the position with the company last year. They rejected Biglari’s bid to become a member of the board and elected Cracker Barrel’s slate of 10 recommended nominees on Nov. 21, 2024.
PREDICTION: Cracker Barrel CEO Julie Felss Masino will be fired by Dec 31, 2025.
Bookmark this. pic.twitter.com/4kyGOCN7gC
— Gunther Eagleman™ (@GuntherEagleman) August 23, 2025
Management touted the vote as an endorsement of the “transformation” as “the right path to return Cracker Barrel to growth and meaningful value creation for all holders,” according to Fox.
The rollout of Cracker Barrel’s new logo did not go well, with the stock falling from a closing of $58.80 last Wednesday to $50.54 the following day, resulting in a $100 million market value loss.
Cracker Barrel completely changed their iconic logo for the first time in 47 years…
and it’s absolutely horrible.
When will they learn? pic.twitter.com/ZhfVeR5CyO
— Benny Johnson (@bennyjohnson) August 20, 2025
The company has since gone into damage control mode, and the stock rebounded to approximately $57.70 by Tuesday.
In a message posted to Facebook, the company said, “The things people love most about our stores aren’t going anywhere: rocking chairs on the porch, a warm fire in the hearth, peg games on the table, unique treasures in our gift shop, and vintage Americana with antiques pulled straight from our warehouse in Lebanon, Tennessee.”
“We love seeing how much you care about our ‘old timer.’ We love him too. Uncle Herschel will still be on our menu (welcome back Uncle Herschel’s Favorite Breakfast Platter), on our road signs, and featured in our country store. He’s not going anywhere— he’s family,” the post said.
Cracker Barrel further stated, “While our logo and remodels may be making headlines, our bigger focus is still right where it belongs … in the kitchen and on your plate: serving generous portions of the food you crave at fair prices and doing it with the kind of country hospitality that brightens your days and creates lasting memories.”
Great idea, Mr. President!
We really appreciate your sage advice!
The woke CB management has even less competence than your predecessor. The CEO needs to hear “You’re Fired” from her board.
Thank you for your attention to this matter! pic.twitter.com/fEqxZp89J2
— Steak ‘n Shake (@SteaknShake) August 26, 2025
Trump waded into the controversy with a Tuesday post, writing, “Cracker Barrel should go back to the old logo, admit a mistake based on customer response (the ultimate Poll), and manage the company better than ever before.”
Donald Trump Post 10:39 AM EST 08/26/25 pic.twitter.com/iKlVBfAsRY
— Fan Donald J. Trump Posts From (@TrumpDailyPosts) August 26, 2025
“They got a Billion Dollars worth of free publicity if they play their cards right. Very tricky to do, but a great opportunity. Have a major News Conference today. Make Cracker Barrel a WINNER again.”
On Tuesday evening, Cracker Barrel caved to public pressure and announced it was returning to its original logo.
🚨🚨BREAKING: “We said we would listen…”
Cracker Barrel says its “new logo is going away” and it’s bringing back the beloved “Old Timer.” The company confirmed the news in a statement to FOX Business.🚨🚨 pic.twitter.com/ansmNQlj3h
— Fox News (@FoxNews) August 26, 2025
“We thank your guests for sharing your voices and love for Cracker Barrel,” the restaurant chain said in a statement to Fox Business. “We said we would listen, and we have. Our new logo is going away and our ‘Old Timer’ will remain. At Cracker Barrel, it’s always been — and always will be — about serving up delicious food, warm welcomes, and the kind of country hospitality that feels like family.”
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