CBRL - Cracker Barrel is chided by Biglari for focusing on acquisitions over dividends

Cracker Barrel Old Country Store (CBRL +0.6%) is feeling some heat from stakeholder Biglari Capital. In a letter posted today, Biglari says Cracker Barrel (NASDAQ:CBRL) continues to blame its woes on "uncertainties in the current environment," although peers are said to have navigated that same environment far more effectively and seen better share price returns. "It has become increasingly clear that management lacks a credible strategy with which to create value in the present business climate, and that the Board, which primarily consists of directors with minimal relevant experience in the casual dining space, is unable to provide the necessary oversight." Biglari wants CBRL to focus on its core business rather than expand into new territory or make acquisitions, as well as target a near 100% dividend payout ratio. Biglario holds a stake in CRBL of 8.7%. Compare CBRL to restaurant sector peers.

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Cracker Barrel is chided by Biglari for focusing on acquisitions over dividends