10/03/2025 | Press release | Distributed by Public on 10/03/2025 13:43
United States Securities and Exchange Commission
Washington, DC 20549
Pursuant to Rule 14A-103
NAME OF REGISTRANT: CRACKER BARREL OLD COUNTRY STORE, INC.
NAME OF PERSON RELYING ON EXEMPTION:STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM
ADDRESS OF PERSON RELYING ON EXEMPTION:1801 Hermitage Blvd., Suite 100, Tallahassee, FL 32308
The attached written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. The State Board of Administration of Florida Retirement System does not beneficially own more than $5 million of securities in the Registrant company. As such, submission is not required of this filer under the terms of the Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.
Dear fellow Cracker Barrel shareowners,
This communication is provided by the State Board of Administration of Florida ('SBA'), a long- term shareowner of Cracker Barrel Old Country Store, Inc. ('Cracker Barrel' or 'the Company'). The purpose of this exempt solicitation is to inform fellow shareowners about a serious governance concern - the Company's recent rebranding fiasco - and to encourage united action in demanding transparency and accountability from the Company's Board of Directors.
On August 28, 2025, the SBA (which manages the investments of the Florida Retirement System) sent a detailed letter to Cracker Barrel's Board Chairman, Carl T. Berquist, outlining our concerns about the Company's now-reversed rebranding effort. The rebranding, unveiled in mid-August, triggered public outcry and a sharp decline in the Company's stock price, only to be rescinded on August 26, 2025, amid 'universal outcry'. As fiduciaries responsible for the retirement assets of Florida's public employees, we believe the Board's handling of this episode raises serious questions about governance, risk oversight, and the prioritization of shareholder value.
This document presents an overview of the Cracker Barrel rebranding controversy, beginning with a timeline of key events that underscore the negative impact on shareholder value and corporate reputation. It also includes a copy of the SBA's formal letter to the Board, which outlines our concerns and expectations. Finally, we offer a detailed call to action, encouraging fellow shareowners to engage further on this governance matter and consider appropriate steps to ensure accountability and improved oversight.
Fellow Shareowners, the events at Cracker Barrel over the past weeks underscore the vital importance of effective corporate governance. As shareowners, we entrust the Board of Directors to guide the Company's strategy prudently, manage risks, and safeguard our investments. In this case, an ill-considered rebranding initiative - possibly influenced by factors unrelated to long-term business value - destroyed shareowner value and public trust. It was only after a loud outcry that management reversed course. Such reactive decision-making raises concerns that proper oversight and diligence were lacking at the outset.
We have taken the step of engaging directly with the Board through our letter. Now, we urge you to join us in this effort to hold Cracker Barrel's leadership accountable:
We hope that by shining a light on these issues through this exempt solicitation, Cracker Barrel's Board will recognize the seriousness of our collective concern. Our intent is to prevent future value destruction and ensure the Company operates in a way that respects its brand legacy and shareholders' financial interests. We believe Cracker Barrel can draw positive lessons from this incident by improving how major decisions are vetted and by recommitting to core principles of accountability and transparency.
We ask you, as fellow shareowners of Cracker Barrel, to support our call for transparency and accountability. This is not a solicitation of any proxy vote, but rather an appeal for engaged ownership. Ultimately, if the Board provides satisfactory answers and takes corrective action (such as strengthening its decision-making processes or board oversight mechanisms), it will restore investor confidence. If it does not, we must be ready to press for changes. In our common interest, shareowners can influence the Company to do what is right for its long-term value.
We remain hopeful that Cracker Barrel's Board hears our voice and responds with the accountability we expect. Our shared goal is a thriving, well-governed company that rewards its loyal shareowners for years to come.
For these reasons, among others, the SBA will be voting AGAINST the election of each director up for election at the next annual meeting.
For further information, please contact Richard Cassedy at (850) 413-1090, or via email at [email protected]. The SBA is open to engaging with other investors on this issue.
Important Notice: This communication is being provided as an exempt solicitation pursuant to SEC Rule 14a-2(b)(1) and Rule 14a-6(g)(1). It is not a solicitation of proxy authority, and no proxy cards are being requested or accepted by the SBA. Please do not send us your proxy card - we will not vote proxies on your behalf. This communication may be disseminated to Company shareholders via telephone, U.S. mail, e-mail, certain websites and certain social media venues.
The cost of distributing this letter and communication is being borne entirely by the SBA.
The information herein reflects our perspectives as of the date of this communication, based on publicly available sources and Company disclosures believed to be reliable. However, we do not guarantee its accuracy or completeness. This material is provided for informational purposes and to encourage shareholder engagement on governance issues; it should not be construed as investment advice or as a recommendation to buy or sell any securities. Furthermore, nothing here should be interpreted as a solicitation of any proxy vote. To cast your votes in any shareholder meeting, please follow the official instructions on the proxy card or voting instruction form provided by the Company. We are not able to vote your proxies, nor do we seek to do so with this communication.