<SEC-DOCUMENT>0001096906-25-001762.txt : 20251106
<SEC-HEADER>0001096906-25-001762.hdr.sgml : 20251106
<ACCEPTANCE-DATETIME>20251106164425
ACCESSION NUMBER:		0001096906-25-001762
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251106
DATE AS OF CHANGE:		20251106
EFFECTIVENESS DATE:		20251106

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRACKER BARREL OLD COUNTRY STORE, INC
		CENTRAL INDEX KEY:			0001067294
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				620812904
		FISCAL YEAR END:			0801

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-25225
		FILM NUMBER:		251459189

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 787
		CITY:			LEBANON
		STATE:			TN
		ZIP:			370880787
		BUSINESS PHONE:		6154439217

	MAIL ADDRESS:	
		STREET 1:		PO BOX 787
		CITY:			LEBANON
		STATE:			TN
		ZIP:			37087

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CBRL GROUP INC
		DATE OF NAME CHANGE:	19980730

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bowyer Research, Inc.
		CENTRAL INDEX KEY:			0001996368
		ORGANIZATION NAME:           	
		EIN:				463874783
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 120
		CITY:			MCKEESPORT
		STATE:			PA
		ZIP:			15135
		BUSINESS PHONE:		412-751-8603

	MAIL ADDRESS:	
		STREET 1:		PO BOX 120
		CITY:			MCKEESPORT
		STATE:			PA
		ZIP:			15135
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>bowy_px14a6g.htm
<DESCRIPTION>BOWYER RESEARCH - PX14A6G
<TEXT>
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<DIV style=margin-left:72pt;width:468pt><P align=center style='font:15pt Times New Roman;margin:0'><B>Notice of Exempt Solicitation</B></P>
<P align=center style='font:11pt Times New Roman;margin:0'>Pursuant to Rule 14a-103 | November 6, 2025</P>
<P style='font:11pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><B>Name of Registrant:</B> Cracker Barrel Old Country Store, Inc.</P>
<P style='font:11pt Times New Roman;margin:0'><B>Name of person relying on exemption:</B> Bowyer Research</P>
<P style='font:11pt Times New Roman;margin:0'><B>Address of person relying on exemption: </B>P.O. Box 120, McKeesport, PA 15135</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><I>Written materials are submitted pursuant to Rule 14a-6(g) (1) promulgated under the Securities Exchange Act of 1934. Filer of this notice does not beneficially own more than $5 million of securities in the Registrant company. 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.</I></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'><IMG src=bowypx14a6g_1.jpg width=594 height=84>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'><B>Cracker Barrel Old Country Store, Inc. (CBRL)</B></P>
<P align=center style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><B>Vote NO on Cracker Barrel&#8217;s Board of Directors and Executive Compensation</B></P>
<P align=center style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Contact: Gerald Bowyer | jerrybowyer@bowyerresearch.com</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Resolution</B></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>Bowyer Research urges Cracker Barrel shareholders to vote AGAINST Proposals 1 and 2, the election<SUP><A name=_ftnb1 /><A href=#_ftnf1><SUP>1</SUP></A></SUP> and compensation of Cracker Barrel&#8217;s Board of Directors.</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Supporting Statement</B></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>Cracker Barrel&#8217;s 2025 rebrand, centered on the removal of its iconic distinctives, was not a benign design refresh but a costly and poorly conceived initiative that alienated the company&#8217;s core customers. Within days of launch, the backlash was overwhelming, forcing Cracker Barrel into a rapid and embarrassing reversal. This episode consumed management&#8217;s attention, invited </P>
<HR style=text-align:left;width:25%><P style='font:10pt Times New Roman;margin:0'><SUP><A name=_ftnf1 /><A href=#_ftnb1><SUP>1</SUP></A></SUP><FONT style='color:#1155CC;border-bottom:1px solid #1155CC'>https://investor.crackerbarrel.com/static-files/223f3480-97f4-44a0-8b38-5998bbf8b2c7</FONT></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Times New Roman;margin:0'>political scrutiny from both sides, and seriously damaged the credibility of leadership. What made the debacle particularly troubling was that the backlash to the redesign was entirely predictable. Major investors had explicitly warned that the rebrand was ill-advised, and Cracker Barrel&#8217;s brand is built on tradition, not trend.</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>Yet eschewing tradition for trend-chasing appears to be a much deeper issue for Cracker Barrel In the aftermath of the backlash, the company quietly removed its DEI and Pride web pages and distanced itself from the messaging that had underpinned the rebrand. This reactive cleanup made clear that leadership only acknowledged the reputational risk after the damage had been done. That is reflective of damage control, not sound judgement.</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>The damage is hardly limited to one rebrand. Cracker Barrel shares have lagged both peers and the broader restaurant industry, with Bowyer Research data indicating continued underperformance over the past 5 years. Cracker Barrel&#8217;s TSR has lagged<SUP><A name=_ftnb2 /><A href=#_ftnf2><SUP>2</SUP></A></SUP> its peer group during this same time period, and independent analysts have expressed skepticism about management&#8217;s strategic direction. The company&#8217;s remodel program, launched with very limited testing and unclear ROI, has further strained confidence in its capital discipline. The credibility gap between what management promises and what the market believes continues to widen, which is a serious concern for any shareholder seeking long-term stability.</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0;background-color:#FFFFFF'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Divisive Controversies and Brand Damage</B></P>
<P style='font:11pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>Beyond the brand and performance issues lies a deeper governance problem. Cracker Barrel&#8217;s leadership has for years pursued external validation from activist rating systems like the Human Rights Campaign&#8217;s Corporate Equality Index.<SUP><A name=_ftnb3 /><A href=#_ftnf3><SUP>3</SUP></A></SUP> These ideological scorecards may win applause from a narrow set of stakeholders, but they do not build shareholder value. Rather, they expose the company to avoidable controversies<SUP><A name=_ftnb4 /><A href=#_ftnf4><SUP>4</SUP></A></SUP> while distracting from its core business. This is not a culture-war issue; it is a fiduciary one.</P>
<HR style=text-align:left;width:25%><P style='font:10pt Times New Roman;margin:0'><SUP><A name=_ftnf2 /><A href=#_ftnb2><SUP>2</SUP></A></SUP> https://finance.yahoo.com/news/five-loss-cracker-barrel-old-111757974.html</P>
<P style='font:10pt Times New Roman;margin:0'><SUP><A name=_ftnf3 /><A href=#_ftnb3><SUP>3</SUP></A></SUP> https://www.hrc.org/resources/corporations/cracker-barrel-old-country-store-inc.</P>
<P style='font:10pt Times New Roman;margin:0'><SUP><A name=_ftnf4 /><A href=#_ftnb4><SUP>4</SUP></A></SUP> https://1792exchange.com/spotlight-reports/corporate-bias-ratings/, https://1792exchange.com/pdf/?c_id=4956</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>If the company lacks the will to actually make the case for political neutrality, it&#8217;s a sign that the company&#8217;s learned nothing from this PR fiasco.</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Conclusion</B></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>A vote against Cracker Barrel&#8217;s board is a vote for fiduciary responsibility. Cracker Barrel needs directors who are laser-focused on core business, execution, and long-term shareholder returns &#8212;&nbsp;not those who chase trends, checkboxes, or narratives unrelated to business performance. As Cracker Barrel CEO Masino faces calls for ouster from prominent investors,<SUP><A name=_ftnb5 /><A href=#_ftnf5><SUP>5</SUP></A></SUP> and the company faces its position<SUP><A name=_ftnb6 /><A href=#_ftnf6><SUP>6</SUP></A></SUP> as a severely underperforming brand in its cohort, this is a moment for shareholders to demand accountability and a board better suited to navigating the company out of this troubled moment.</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Disclosures/Media</B></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><I>The foregoing information may be disseminated to shareholders via telephone, U.S. mail, e-mail, certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation of authority to vote your proxy. The cost of disseminating the foregoing information to shareholders is being borne entirely by the filers.</I></P>
<P style='font:11pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><I>The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is for informational purposes and should not be construed as a research report. Bowyer Research is not able to vote your proxies, nor does this communication contemplate such an event. Proxy cards will not be accepted by us. Please do not send your proxy to us. To vote your proxy, please follow the instructions on your proxy card.</I></P>
<P style='font:11pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>For questions, please contact Gerald Bowyer, president of Bowyer Research, via email at <FONT style='border-bottom:1px solid #000000'>jerrybowyer@bowyerresearch.com</FONT>.</P>
<HR style=text-align:left;width:25%><P style='font:10pt Times New Roman;margin:0'><SUP><A name=_ftnf5 /><A href=#_ftnb5><SUP>5</SUP></A></SUP>https://investor.crackerbarrel.com/static-files/0c59021f-9c55-4e8a-b0f1-19869898c7d0</P>
<P style='font:10pt Times New Roman;margin:0'><SUP><A name=_ftnf6 /><A href=#_ftnb6><SUP>6</SUP></A></SUP>https://www.wsj.com/business/earnings/crackerbarrel-earnings-q4-2025-cbrl-stock-58969e38?</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'></DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
