LEBANON, Tenn.--(BUSINESS WIRE)--
Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the
"Company") (Nasdaq: CBRL) said today that the Company strongly disagrees
with the recommendations of Glass Lewis regarding the election of
directors to the Cracker Barrel Old Country Store Board at the Annual
Meeting of Shareholders to be held on December 20, 2011.
Sandra B. Cochran, president and chief executive officer, said: "We
believe the Glass Lewis report fails to recognize the Company's
significant recent financial performance and business momentum, and
fails to appreciate Mr. Biglari's significant conflicts, poor governance
record and potential hidden agenda. It also fails to understand that, as
we have amply demonstrated, the positive changes in the Company's board
and management were underway well before Mr. Biglari showed up. Nothing
in the Glass Lewis report changes in any way our strong belief and the
express recommendation of ISS that it would not be in the interest of
the Company or our shareholders to add Mr. Biglari to the Board.
"We continue to urge shareholders to vote the WHITE proxy card to elect
the Company's nominees to the Board."
About Cracker Barrel
Cracker Barrel Old Country Store restaurants provide a friendly
home-away-from-home in their 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
restaurant serves up delicious, home-style country food such as meatloaf
and homemade chicken n' dumplins as well as its signature biscuits using
an old family recipe. The authentic old country retail store is fun to
shop and offers unique gifts and self-indulgences.
Headquartered in Lebanon, Tennessee, Cracker Barrel Old Country Store,
Inc. (Nasdaq: CBRL) was established in 1969 and operates 608
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.
Important Additional Information
Cracker Barrel, its directors and certain of its executive officers may
be deemed to be participants in the solicitation of proxies from Cracker
Barrel shareholders in connection with the matters to be considered at
Cracker Barrel's 2011 Annual Meeting. On November 8, 2011, Cracker
Barrel filed a definitive proxy statement (as it may be amended, the
"Proxy Statement") with the U.S. Securities and Exchange Commission (the
"SEC") in connection with any such solicitation of proxies from Cracker
Barrel shareholders. INVESTORS AND SHAREHOLDERS ARE STRONGLY
ENCOURAGED TO READ THE PROXY STATEMENT AND ACCOMPANYING PROXY CARD AND
OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Detailed
information regarding the identity of potential participants, and their
direct or indirect interests, by security holdings or otherwise, is set
forth in the Proxy Statement, including Annex A thereto. Shareholders
can obtain the Proxy Statement, any amendments or supplements to the
Proxy Statement and other documents filed by Cracker Barrel with the SEC
for no charge at the SEC's website at www.sec.gov.
Copies will also be available at no charge at the Investor Relations
section of our corporate website at www.crackerbarrel.com.
CBRL-F
Investor Contacts:
Cracker Barrel Old Country Store, Inc.
Lawrence
E. Hyatt, 615-235-4432
Senior Vice President and Chief Financial
Officer
or
MacKenzie Partners, Inc.
Mark Harnett,
212-929-5877
or
Media Contacts:
Cracker Barrel Old
Country Store, Inc.
Julie K. Davis, 615-443-9266
Senior
Director, Corporate Communications
or
Kekst and Company
Ruth
Pachman, 212-521-4891
Source: Cracker Barrel Old Country Store, Inc.
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