Cracker Barrel Launches Line of Branded Goods
Cracker Barrel aficionados will no longer have to trudge to one of the company's outlets to enjoy some of its offerings. The restaurant operator announced that this week it will start shipping its CB Old Country Store line of products to various outlets across the country. Customers will be able to purchase the company's maple and smoked bacon, in addition to four types of lunch meat.
Cracker Barrel is distributing the new line through a licensing agreement with Smithfield Foods unit John Morrell Food Group.
In the press release announcing the news, Cracker Barrel touted the benefits of venturing outside the doors of its restaurants. It quoted CEO Sandra Cochran as saying that "extending our brand beyond our physical locations is an important component of our strategic plan."
Although the company has generally pleased investors recently and its stock is trading near the top of its one-year range, its capital allocation strategies have come under fire from major shareholder Biglari Holdings . Biglari would like Cracker Barrel to declare a $20-per-share special dividend, a move the company strongly opposes.
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