Who Owns Cracker Barrel?

Dan Evins opened the first Cracker Barrel Old Country Store in 1969 on Highway 109 in Lebanon, Tennessee. Evins came from a family that operated a gasoline station and restaurant business. He conceived Cracker Barrel as a place where travelers could get a good meal and shop for country items, mimicking the general stores he remembered from his childhood.

The first restaurant was designed to look like an old country store, with a front porch lined with rocking chairs, a potbelly stove, and artifacts from the early 20th century hung on the walls. The menu focused on Southern comfort food: biscuits and gravy, cornbread, fried chicken, country ham, and grits. The retail section sold items like old-fashioned candy, cookware, and seasonal decorations.

Cracker Barrel expanded slowly through the 1970s, adding locations along interstate highways in the southeastern United States. The highway-adjacent location strategy was deliberate, targeting travelers who needed a meal break during long drives. By 1981, the company had 21 stores and went public on Nasdaq.

The 1980s and 1990s were a period of rapid growth. Cracker Barrel opened new stores at a pace of 15-20 per year, expanding beyond the Southeast into the Midwest, Texas, and eventually the East Coast. The company's consistent store format and menu made it reliable for travelers, and the gift shops provided additional revenue beyond food sales.

In the 2000s, Cracker Barrel faced criticism and legal challenges. In 2004, the company settled a U.S. Department of Justice lawsuit alleging racial discrimination in customer service. The company agreed to implement training and monitoring programs. In 2006, Cracker Barrel settled a separate discrimination lawsuit filed by former employees.

The company also faced shareholder activism. Biglari Holdings, controlled by Sardar Biglari, acquired approximately 20% of Cracker Barrel stock and pushed for board representation and strategic changes. Biglari criticized the company's performance and governance, leading to proxy contests. Biglari eventually won board representation but later reduced his stake.

Julie Masino became CEO in July 2023, hired from Taco Bell where she had been president of international operations. She was brought in to revitalize the brand, which she described as "not as relevant as we once were." Masino oversaw a menu overhaul and, in August 2025, unveiled a new logo that removed the image of a man sitting in a wicker chair leaning against a barrel. The man in the original logo was based on Dan Evins' Uncle Herschel.

The logo redesign sparked immediate public backlash. Customers criticized the change on social media, and the company's stock price dropped by nearly $100 million in market value. Cracker Barrel conceded the rebranding was a misstep and announced it would keep its original logo.

In July 2026, Cracker Barrel announced two strategic actions. The company completed a sale-leaseback transaction for 26 store locations, generating approximately $77 million in net proceeds for debt reduction. The company also divested Maple Street Biscuit Company, selling the trademark and assets of 35 locations to Biscuit Belly, LLC, and closing the remaining 16 locations.

Despite the challenges, Cracker Barrel's financial performance improved in fiscal 2026. The company raised its adjusted EBITDA outlook to $120-125 million, up from the previous guidance of $85-100 million. The stock had doubled in 2026 prior to Masino's departure.