# Cracker Barrel Old Country Store

Cracker Barrel Old Country Store is an other based in Lebanon, United States.

## Overview

- **Organization type:** other
- **Headquarters:** Lebanon, United States
- **Region:** North America
- **Address:** Lebanon, TN, United States
- **Founded:** 1969
- **Assets under management:** Undisclosed
- **Website:** investor.crackerbarrel.com

## Regulatory record

- **Reports private funds:** No

## About

Cracker Barrel was founded in 1969 by Dan Evans and Sandy Parker, who opened the first location off Interstate 40 in Lebanon, Tennessee. The chain quickly became known for its combination of a restaurant and a country store, selling gifts and Southern food staples. Cracker Barrel operates exclusively company-owned stores — no franchising — with a real estate portfolio of over 660 properties across 45 states. The company focuses on menu modernization, retail merchandise, and technology upgrades to drive traffic. Capital allocation historically includes share buybacks and dividends alongside store remodeling and new unit openings. As a publicly traded company (NASDAQ: CBRL), Cracker Barrel does not disclose an AUM figure. The firm employs roughly 73,000 people and maintains its headquarters in Lebanon. There is no adjacent family office or philanthropic vehicle publicly tied to the founding families. The structural differentiator is Cracker Barrel's refusal to franchise, maintaining full control over brand standards, supply chain, and real estate, which is rare among large restaurant chains.

## Sectors

- Food & Beverage
- Retail
- Restaurants

## People

- Dan Evans — Co-founder
- Sandy Parker — Co-founder

## Questions

### Who makes investment decisions at Cracker Barrel?

Investment decisions are made by the executive leadership team, led by CEO Julie Felss Masino, who joined in 2023, and CFO Craig Pommells. The board of directors oversees major capital allocation including store openings, share repurchases, and dividends (per SEC filings, public record).

### What is Cracker Barrel's capital allocation strategy?

The company historically returns capital through dividends and share buybacks, while also investing in new store construction, remodels, supply chain enhancements, and technology. In fiscal 2024, it allocated approximately $110 million to share repurchases and $80 million in dividends (per Cracker Barrel's FY2024 earnings, public record).

### Is Cracker Barrel a franchise operator?

No. Cracker Barrel owns and operates all of its stores directly. It has never franchised its concept, maintaining full control over brand, operations, and real estate.

### How has Cracker Barrel's stock performed?

CBRL has underperformed the broader market over the past five years, with shares down roughly 40% from their 2021 highs. Analysts cite declining traffic, competition from fast-casual chains, and a lagging digital strategy (per market data, public record).

### What is Cracker Barrel's geographic strategy?

The chain is concentrated in the Southeast and Midwest, with stores primarily along interstate highways. Recent expansion has focused on the South and Southwest, with limited presence in the Northeast and West Coast (per the firm's investor materials, public record).

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Last updated: 2026-06-03T20:00:00.000Z

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