The Indianapolis-based burger chain's smaller annual profit resulted from an ongoing effort to increase the company's number of franchised restaurants, with plans to open units as far away as the Middle East.
The case involves an Illinois franchisee of Steak n Shake that successfully sued the company over its mandatory menu and pricing policies. The company's appeal is set to be heard Wednesday by a federal appeals court in Chicago.
Cracker Barrel shareholders appear to have rejected Sardar Biglari’s move to join the restaurant chain’s board, but stopped short of passing a “poison pill” plan that would deter outside investors from taking over the business.
Cracker Barrel Old Country Store Inc. has rejected Biglari’s request that directors appoint him and business partner Phil Cooley to the board. It also has rolled out a “poison pill” plan that would deter outside investors from taking over the business without negotiating with the board first.