Cracker Barrel has long been a roadside favorite, a place for biscuits, rocking chairs, and a slice of nostalgia. But today the chain is at the center of a high-stakes corporate fight. Activist investor Sardar Biglari is challenging Cracker Barrel’s leadership, arguing that the company has wasted money, lost touch with its customers, and needs a drastic overhaul. His plan is blunt: cut waste, sell off weak side ventures, fix operations, and return money to shareholders.

At the same time, customers are grumbling about smaller portions, slower service, and management that seems disconnected from the brand’s roots. Analysts have turned cold, with no buy ratings left on the stock. And looming over it all are the power brokers at BlackRock and Vanguard, whose votes will decide the outcome.

Lena Marlowe and Graham Calder unpack what this battle means for Cracker Barrel and for the future of legacy American brands.