Activist investor and Steak n Shake boss Sardar Biglari has this week invested another $3 million into Cracker Barrel Old Country Store, lifting his stake in the company to 17.5 percent.
Biglari, who last fall mounted an unsuccessful push for a board seat, has called on CEO Sandy Cochran to make major changes to the restaurant chain's operations, saying it needs to boost traffic and profitability before looking to build new stores. This spring, he also called for the exit of four longtime board members, two of whom have since said they will retire.
And while there have been few public fireworks of late — that very likely will change in the run-in to the company's December annual meeting — Biglari has continued to build his stake in Lebanon-based Cracker Barrel. His purchases this week mean he has put to work almost $200 million since the spring of last year. With Cracker Barrel (Ticker: CBRL) not far from its record high, his holdings in the company are now worth $244 million.