08:09 AM EDT, 10/08/2024 (MT Newswires) -- Cracker Barrel Old Country Store's ( CBRL ) board of directors needs to be replaced, due to an ongoing decline in the stock's value, according to a letter to shareholders from Biglari Capital, which said it owns 9.3% of the restaurant operator's stock.

"Cracker Barrel is in perilous times," the letter said. "Not only is a change to its board warranted but we believe it is also mandatory for the sake of the company's future."

Biglari said that neither appointing Julie Felss Masino as chief executive nor the company's new transformation plan has restored shareholder confidence.

"In fact, Cracker Barrel's share price fell 14.5% when the transformation plan was revealed on May 16, 2024, and is down 50.9% since Ms. Masino became CEO-elect on August 7, 2023," the letter said.

Cracker Barrel did not immediately respond to a request for comment from MT Newswires.

Price: 44.98, Change: +0.58, Percent Change: +1.31