🚨EXCLUSIVE. She knew.
@CrackerBarrel CEO Julie Felss Masino and her board ignored warnings last year from investor Sardar Biglari that her "strategic transformation plan" and rebrand was "obvious folly."
🧵has the receipts from our new @FoxNews @FoxBusiness investigation.
Autopsy: How @CrackerBarrel blew it over 15 months.
1⃣ May 16, 2024, 4:30 PM ET
CEO Julie Felss Masino unveils a “strategic transformation plan" in a📞call with investors.
Pillar #1: "REFINE THE BRAND."
📉 Wall Street heard jargon. The stock tanked.
@CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell 2⃣ Oct. 8, 2024: "Chickens have come home to roost"
Cracker Barrel investor Sardar Biglari and board critic fires off a letter to shareholders, saying:
🧨"Strategic transformation plan" is "obvious folly"
🧨 "Cracker Barrel is not a broken brand but it has a broken board"
@CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell @megbasham @Camp4 @matt_vanswol @CBHeresy @SteaknShake @LarryOConnor @IWN 3⃣ Oct. 24, 2024: Fed up.
Investor Sardar Biglari lays out his criticisms in a 120-page slide-deck presentation with the title, "CRACKER BARREL IS IN CRISIS."
🔗Get links to the presentations and the receipts inside the @FoxNews @FoxBusiness article: foxbusiness.com/money/cracker-…
@CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell @megbasham @Camp4 @matt_vanswol @CBHeresy @SteaknShake @LarryOConnor @IWN @roddreher @SwipeWright @MikeCosper @ClayTravis @cvpayne @LizMacDonaldFOX @HarmeetKDhillon @carolmswain @MarioNawfal 4⃣ ~ Oct. 29, 2024: A Rebuttal.
Cracker Barrel's CEO and board reject investor Sardar Biglari's criticism. He publishes another slide-deck, this time warning the "result could be catastrophic" if Cracker Barrel doesn't ditch its misguided "transformation plan" and rebrand.
5⃣ Nov. 13, 2024: An Investor's New Warning.
Investor Sardar Biglari tells the board to ditch the rebrand: "The day Cracker Barrel opened," in 1969, "it was already old — its theme derived from the 1920s."
"I am concerned that not only will the remodel not work but it could actually damage the brand further."
He noted: "Let me make my position clear: The company’s $700 million remodel plan will not work!"
@CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell @megbasham @Camp4 @matt_vanswol @CBHeresy @SteaknShake @LarryOConnor @IWN @roddreher @SwipeWright @MikeCosper @ClayTravis @cvpayne @LizMacDonaldFOX @HarmeetKDhillon @carolmswain @MarioNawfal @kangminjlee @crwiley1962 @realJennaEllis @jsolomonReports @greg_price11 6⃣ Jan. 13, 2025: Cracker Barrel brags about its "outstanding leadership"
At a conference, Cracker Barrel touts its "outstanding leadership team," including CEO Julie Masino.
Still, it's No. 1 "Transportation Plan" pillar: "REFINE THE BRAND."
investor.crackerbarrel.com/static-files/2…
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