LEBANON, Tenn.--(BUSINESS WIRE)--
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) commented on the
letter included in an amended 13D filing made by Sardar Biglari,
Chairman and Chief Executive Officer of Biglari Holdings Inc. (NYSE: BH).
Michael A. Woodhouse, Chairman and Chief Executive Officer of Cracker
Barrel, said, "We believe our financial reporting is appropriate and in
compliance with SEC disclosure requirements, including the applicable
guidance on segment reporting. We view our restaurant and retail
operations as two related and substantially integrated product lines
that allow our stores to deliver a unique, integrated customer
experience. Many of the operating expenses of a store cannot be broken
down between restaurant and retail operations. Accordingly, we manage
our business on the basis of one reportable operating segment.
"Given the integrated nature of our operations, as we have discussed
with Mr. Biglari on several occasions, our management and Board of
Directors have carefully considered and have concluded that separate
segment disclosure of our restaurant and retail businesses is neither
required nor appropriate.
"This issue was specifically reviewed with the SEC in the past, and we
determined that our financial disclosure was appropriate and consistent
with SEC guidelines.
"The Audit Committee of our Board of Directors regularly reviews the
company's disclosure practices for compliance purposes as well as to
determine what additional disclosures are warranted. We will continue to
follow that practice."
About Cracker Barrel
Cracker Barrel Old Country Store® restaurants provide a friendly
home-away-from-home in its old country stores and restaurants. Guests
are cared for like family while relaxing and enjoying real home-style
food and shopping that's surprisingly unique, genuinely fun and
reminiscent of America's country heritage…all at a fair price. The
restaurants serve up delicious, home-style country food such as meatloaf
and homemade chicken n' dumplins as well as the Company's signature
biscuits using an old family recipe. The authentic old country retail
store is fun to shop and offers unique gifts and self-indulgences.
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in
1969 in Lebanon, Tenn. and operates 603 company-owned locations in 42
states. Every Cracker Barrel unit is open seven days a week with hours
Sunday through Thursday, 6 a.m. — 10 p.m., and Friday and Saturday, 6
a.m. - 11 p.m. For more information, visit: crackerbarrel.com.
Cracker Barrel Old Country Store, Inc.
Investor:
Lawrence
E. Hyatt, 615-235-4432
or
Media:
Julie K. Davis,
615-443-9266
Source: Cracker Barrel Old Country Store, Inc.
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