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Asra Nomani@AsraNomani · Aug 26, 2025

🚨EXCLUSIVE. She knew. @CrackerBarrel CEO Julie Felss Masino and her board ignored warnings last year from investor…

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Summary

CEO Julie Felss Masino and Cracker Barrel's board ignored repeated warnings from investor Sardar Biglari about their "strategic transformation plan," which he called "obvious folly." The company proceeded with a major rebrand to "All the More" in August 2025, which failed and caused the stock to tank, validating Biglari's concerns about the misguided strategy.

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  1. #1

    🚨EXCLUSIVE. She knew. @CrackerBarrel CEO Julie Felss Masino and her board ignored warnings last year from investor Sardar Biglari that her "strategic transformation plan" and rebrand was "obvious folly." 🧵has the receipts from our new @FoxNews @FoxBusiness investigation.

  2. #2

    Autopsy: How @CrackerBarrel blew it over 15 months. 1⃣ May 16, 2024, 4:30 PM ET CEO Julie Felss Masino unveils a “strategic transformation plan" in a📞call with investors. Pillar #1: "REFINE THE BRAND." 📉 Wall Street heard jargon. The stock tanked.

  3. #3

    @CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell 2⃣ Oct. 8, 2024: "Chickens have come home to roost" Cracker Barrel investor Sardar Biglari and board critic fires off a letter to shareholders, saying: 🧨"Strategic transformation plan" is "obvious folly" 🧨 "Cracker Barrel is not a broken brand but it has a broken board"

  4. #4

    @CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell @megbasham @Camp4 @matt_vanswol @CBHeresy @SteaknShake @LarryOConnor @IWN 3⃣ Oct. 24, 2024: Fed up. Investor Sardar Biglari lays out his criticisms in a 120-page slide-deck presentation with the title, "CRACKER BARREL IS IN CRISIS." 🔗Get links to the presentations and the receipts inside the @FoxNews @FoxBusiness article: foxbusiness.com/money/cracker-…

  5. #5

    @CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell @megbasham @Camp4 @matt_vanswol @CBHeresy @SteaknShake @LarryOConnor @IWN @roddreher @SwipeWright @MikeCosper @ClayTravis @cvpayne @LizMacDonaldFOX @HarmeetKDhillon @carolmswain @MarioNawfal 4⃣ ~ Oct. 29, 2024: A Rebuttal. Cracker Barrel's CEO and board reject investor Sardar Biglari's criticism. He publishes another slide-deck, this time warning the "result could be catastrophic" if Cracker Barrel doesn't ditch its misguided "transformation plan" and rebrand.

  6. #6

    5⃣ Nov. 13, 2024: An Investor's New Warning. Investor Sardar Biglari tells the board to ditch the rebrand: "The day Cracker Barrel opened," in 1969, "it was already old — its theme derived from the 1920s." "I am concerned that not only will the remodel not work but it could actually damage the brand further." He noted: "Let me make my position clear: The company’s $700 million remodel plan will not work!"

  7. #7

    @CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell @megbasham @Camp4 @matt_vanswol @CBHeresy @SteaknShake @LarryOConnor @IWN @roddreher @SwipeWright @MikeCosper @ClayTravis @cvpayne @LizMacDonaldFOX @HarmeetKDhillon @carolmswain @MarioNawfal @kangminlee @crwiley1962 @realJennaEllis @jsolomonReports @greg_price11 6⃣ Jan. 13, 2025: Cracker Barrel brags about its "outstanding leadership" At a conference, Cracker Barrel touts its "outstanding leadership team," including CEO Julie Masino. Still, it's No. 1 "Transportation Plan" pillar: "REFINE THE BRAND." investor.crackerbarrel.com/static-files/2…

  8. #8

    @CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell @megbasham @Camp4 @matt_vanswol @CBHeresy @SteaknShake @LarryOConnor @IWN @roddreher @SwipeWright @MikeCosper @ClayTravis @cvpayne @LizMacDonaldFOX @HarmeetKDhillon @carolmswain @MarioNawfal @kangminlee @crwiley1962 @realJennaEllis @jsolomonReports @greg_price11 7⃣ Aug. 18, 2025: "All the More" Rebrand Flops The CEO and board dismiss all the warnings by investor Sardar Biglari and ditch "the cracker and the barrel' in Cracker Barrel, releasing a rebrand, called "All the More." It flops -- as does the stock.

  9. #9

    @CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell @megbasham @Camp4 @matt_vanswol @CBHeresy @SteaknShake @LarryOConnor @IWN @roddreher @SwipeWright @MikeCosper @ClayTravis @cvpayne @LizMacDonaldFOX @HarmeetKDhillon @carolmswain @MarioNawfal @kangminlee @crwiley1962 @realJennaEllis @jsolomonReports @greg_price11 8⃣ Aug. 22, 2025: Calls to "Fire the CEO" Cracker Barrel investor Sardar Biglari also owns @SteaknShake, which posts a message, mocking the rival's new logo and 3 words: "FIRE THE CEO." Read the whole saga @FoxNews @FoxBusiness: foxbusiness.com/money/cracker-…

  10. #10

    @CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell @megbasham @Camp4 @matt_vanswol @CBHeresy @SteaknShake @LarryOConnor @IWN @roddreher @SwipeWright @MikeCosper @ClayTravis @cvpayne @LizMacDonaldFOX @HarmeetKDhillon @carolmswain @MarioNawfal @kangminlee @crwiley1962 @realJennaEllis @jsolomonReports @greg_price11 Thank you for following the timeline with me. As a former Wall Street Journal reporter, I knew there was a story behind the headlines. It's a tale of corporate myopia. Please read and share our @FoxNews @FoxBusiness investigation. foxbusiness.com/money/cracker-…

  11. #11

    @CrackerBarrel @FoxNews @FoxBusiness @robbystarbuck @JGunlock @carriesheffield @rikoruss31 @mkhammer @Riley_Gaines_ @data_republican @w_terrence @MattWalshBlog @ChristinaPushaw @SJohnston60 @Hebro_Steele @RepDonaldsPress @carolinedowney_ @jlawrencenc @BlueBoxDave @CGasparino @JenniferSey @LisaMarieBoothe @dagenmcdowell @megbasham @Camp4 @matt_vanswol @CBHeresy @SteaknShake @LarryOConnor @IWN @roddreher @SwipeWright @MikeCosper @ClayTravis @cvpayne @LizMacDonaldFOX @HarmeetKDhillon @carolmswain @MarioNawfal @kangminlee @crwiley1962 @realJennaEllis @jsolomonReports @greg_price11 And if you want every receipt I could find of Cracker Barrel's branding debacle, I assembled them in a "Tick Tock" on Substack. Skim the timeline of Cracker Barrel going woke, then going broke. Your pushback is in the timeline @robbystarbuck. 🔗Read: asrainvestigates.substack.com/p/tick-tock-gu…