Biglari Capital Corp. has urged shareholders of Cracker Barrel Old Country Store Inc. to vote against the election of five incumbent directors at the company's upcoming annual meeting scheduled for November 20, 2025. Independent proxy advisory firm Egan-Jones Ratings Company has recommended shareholders withhold votes from CEO Julie Masino, Chairman Carl Berquist, and directors Gilbert Dávila, Gisel Ruiz, and Darryl Wade. Egan-Jones cited the company's financial underperformance, rising operating costs, declining guest traffic, and a significant earnings decline as reasons for its recommendation. The advisory firm also expressed concerns about the lack of tangible results from the management's current strategy and warned that continued leadership could lead to further value erosion for shareholders.