CBRL - Cracker Barrel: Unique Business Model Highlights Ongoing Risks

Cracker Barrel Old Country Store, Inc. (CBRL) operates 651 full-service restaurants in the United States. The emergence of the coronavirus pandemic has forced the company to close all dining rooms across the country, while still operating limited takeout options at some locations. The stock has taken a hit with a significant 50% decline from the highs of this year, although it is recovering from deeper losses in March. We highlight that the restaurants typically feature attached retail stores at most locations that drive margins, meaning the restaurant closures are magnified with a

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