Activist Investor Takes Advantage of Cracker Barrel Controversy
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 28 2025
0mins
Source: WSJ
Investor Reaction: Activist investor Sardar Biglari is dissatisfied with Cracker Barrel's decision to revert its logo change, indicating that more action is needed.
Background on Biglari: Biglari is the CEO of Steak ‘n Shake and leads an investment firm that holds shares in Cracker Barrel, highlighting his vested interest in the company's performance.
Proxy Fights: He has engaged in multiple unsuccessful proxy fights against Cracker Barrel over the past decade, demonstrating his long-standing opposition to the restaurant chain's management decisions.
Logo Controversy: The removal of the "old timer" character from the logo, a fixture since 1977, provided Biglari with an opportunity to criticize the company further.
Analyst Views on BH.A
About BH.A
Biglari Holdings Inc. is a holding company owning subsidiaries engaged in several diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company’s restaurant operations are conducted through two subsidiaries: Steak n Shake Inc. (Steak n Shake) and Western Sizzlin Corporation (Western Sizzlin). Its insurance and reinsurance business activities are conducted through subsidiaries, namely, First Guard Insurance Company and its affiliated agency, 1st Guard Corporation (First Guard); Southern Pioneer Property & Casualty Insurance Company and its affiliated agency, Southern Pioneer Insurance Agency, Inc. (Southern Pioneer); and Biglari Reinsurance Ltd. Its oil and gas operations are conducted through two entities, Southern Oil Company (Southern Oil) and Abraxas Petroleum Corporation (Abraxas Petroleum). Southern Oil operates oil and natural gas properties offshore in Louisiana state waters.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
