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Cracker Barrel Issues Statement in Response to Biglari Demand



  Cracker Barrel Issues Statement in Response to Biglari Demand

Business Wire

LEBANON, Tenn. -- December 30, 2013

Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company")
(Nasdaq:CBRL) said today that its Board of Directors has considered both
Sardar Biglari’s recent filing and subsequent letter demanding that the
Company commence a sale process, and has determined that the continued
execution of the Company’s existing business strategy is currently the proper
course of action for the long-term best interests of the Company and its
shareholders.

Commenting on the decision, James W. Bradford, Chairman of the Board of
Cracker Barrel said: “We are disappointed that Mr. Biglari is seeking to call
a special meeting to vote on a proposal requesting that the Company commence a
sale process, particularly in light of his defeat by substantial margins in
three consecutive proxy contests. Cracker Barrel’s Board of Directors
continues to believe that the execution of management’s existing business
strategy will create the most value for all shareholders. The Board regularly
evaluates all options to serve the best interests of the Company and its
shareholders and will continue to do so.”

About Cracker Barrel Old Country Store®

Cracker Barrel Old Country Store, Inc. provides a friendly home-away-from-home
in its old country stores and restaurants. Guests are cared for like family
while relaxing and enjoying real home-style food and shopping that's
surprisingly unique, genuinely fun and reminiscent of America's country
heritage…all at a fair price.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in 1969
in Lebanon, Tenn. and operates 625 company-owned locations in 42 states. For
more information, visit crackerbarrel.com.

CBRL-F

Except for specific historical information, certain of the matters discussed
in this press release may express or imply projections of revenues or
expenditures, statements of plans and objectives or future operations or
statements of future economic performance. These, and similar statements are
forward-looking statements concerning matters that involve risks,
uncertainties and other factors which may cause the actual performance of
Cracker Barrel Old Country Store, Inc. and its subsidiaries to differ
materially from those expressed or implied by this discussion. All
forward-looking information is provided pursuant to the safe harbor
established under the Private Securities Litigation Reform Act of 1995 and
should be evaluated in the context of these factors. Forward-looking
statements generally can be identified by the use of forward-looking
terminology such as "trends," "assumptions," "target," "guidance," "outlook,"
"opportunity," "future," "plans," "goals," "objectives," "expectations,"
"near-term," "long-term," "projection," "may," "will," "would," "could,"
"expect," "intend," "estimate," "anticipate," "believe," "potential,"
"regular," "should," "projects," "forecasts," or "continue" (or the negative
or other derivatives of each of these terms) or similar terminology and
include the expected effects of operational improvement initiatives, such as
new menu items and retail offerings. Factors which could materially affect
actual results include, but are not limited to: the effects of uncertain
consumer confidence, higher costs for energy, general or regional economic
weakness, weather on sales and customer travel, and discretionary income or
personal expenditure activity of our customers; our ability to identify,
acquire and sell successful new lines of retail merchandise and new menu items
at our restaurants; our ability to successfully implement or sustain plans
intended to improve operational or marketing execution and performance;
changes in or implementation of additional governmental or regulatory rules,
regulations and interpretations affecting tax, wage and hour matters, health
and safety, pensions, insurance or other undeterminable areas; our ability to
successfully implement plans intended to promote or protect our brands and
products; commodity price increases; the ability of and cost to us to recruit,
train, and retain qualified hourly and management employees in an escalating
wage environment; the effects of increased competition at our locations on
sales and on labor recruiting, cost, and retention; workers' compensation,
group health and utility price changes; consumer behavior based on negative
publicity or concerns over nutritional or safety aspects of our food or
products or those of the restaurant industry in general, including concerns
about pandemics, as well as the possible effects of such events on the price
or availability of ingredients used in our restaurants; the effects of our
substantial indebtedness and associated restrictions on our financial and
operating flexibility and ability to execute or pursue our operating plans and
objectives; changes in interest rates or capital market conditions affecting
our financing costs and ability to refinance all or portions of our
indebtedness; the effects of business trends on the outlook for individual
restaurant locations and the effect on the carrying value of those locations;
the availability and cost of suitable sites for restaurant development and our
ability to identify those sites; changes in land, building materials and
construction costs; the actual results of pending, future or threatened
litigation or governmental investigations and the costs and effects of
negative publicity associated with these activities; practical or
psychological effects of natural disasters or terrorist acts or war and
military or government responses; disruptions to our restaurant or retail
supply chain; changes in foreign exchange rates affecting our future retail
inventory purchases; implementation of new or changes in interpretation of
existing accounting principles generally accepted in the United States of
America; and other factors described from time to time in our filings with the
Securities and Exchange Commission, press releases, and other communications.

Any forward-looking statement made by us herein, or elsewhere, speaks only as
of the date on which made. We expressly disclaim any intent, obligation or
undertaking to update or revise any forward-looking statements made herein to
reflect any change in our expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements are based.

Contact:

Cracker Barrel Old Country Store, Inc.
Investor:
Lawrence E. Hyatt, 615-235-4432
or
Media:
Andy Merrill, 917-477-9082
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