Cracker Barrel got a double headache Tuesday morning.
First, its largest shareholder launched a website criticizing the managers and asking for a seat on the board of directors.
A few hours later, the restaurant chain announced that its quarterly net income had plummeted 36 percent, as it paid more for ingredients and fewer customers came through the doors.
It all amounted to a rough morning for Sandra Cochran, on her second day as the company’s CEO.
The shareholder, Sardar Biglari, is CEO of Biglari Holdings Inc., a San Antonio-based investment firm that owns a stake of more than 9 percent in Cracker Barrel Old Country Store Inc. He’s been trying to gain seats on Cracker Barrel’s board for himself and his vice chairman, complaining about falling revenue at restaurants open at least a year, a key measure of a company’s health.