How Sardar Biglari's Steak 'n Shake Waged War on Cracker Barrel and Fast Food Rivals

In August 2024, as social media criticism mounted over Cracker Barrel’s new “modern” logo, Steak ’n Shake’s X account took an unexpected turn. For an entire week, the chain’s social media presence abandoned its usual burger promotions. Instead, it launched a relentless attack on Cracker Barrel’s leadership, accusing the company of “destroying shareholder value.”

Steak ’n Shake escalated the campaign by selling $20 red MAGA-style hats emblazoned with the words “Fire Cracker Barrel CEO.” It also rented a billboard near Cracker Barrel’s Nashville headquarters, repeating the same message. Days later, Cracker Barrel capitulated—reverting to its original logo and temporarily silencing the backlash. But Steak ’n Shake’s offensive did not end there. The X account continued its attacks for months, even into 2026, targeting issues like shrinking portion sizes, declining foot traffic, the use of microwaves, alleged day-old biscuits, and an 85% stock drop.

What made the campaign even stranger? The online response was dominated by crypto enthusiasts, many of whom appeared to be cheering on Bitcoin while engaging with the feud. The involvement of Maxim magazine further added to the confusion. The root of this unusual battle? Sardar Biglari, the 48-year-old CEO of Steak ’n Shake and one of the most polarizing figures in the restaurant industry.

Biglari, often described as the “most feared man in fast food,” is a self-described “activist investor” who has spent years challenging corporate leadership in the restaurant sector. Traditionally, he pursued control through his holding company or investment funds. However, in 2025, he took a bold new approach: he turned Steak ’n Shake, his largest consumer brand, into the public face of his campaign to oust Cracker Barrel’s CEO.

Biglari’s tactics extended beyond Cracker Barrel. Over the past year, he has targeted multiple fast-food chains, pressuring their boards to adopt defensive measures. His campaigns forced Jack in the Box and El Pollo Loco to activate their “poison pill” strategies—corporate maneuvers designed to deter hostile takeovers by making a company less attractive to buyers. Jack in the Box, which has faced nearly 11 C-suite and board member departures since 2020, has so far resisted Biglari’s advances. El Pollo Loco, meanwhile, is reportedly exploring private equity buyout offers rather than selling to him.

Cracker Barrel, which first deployed a poison pill in 2011 to block Biglari’s share purchases, has activated the defense mechanism three times since. According to the company, these efforts to fend off Biglari have cost shareholders $31 million in cumulative expenses.

Biglari’s Unconventional Playbook: A New Era of Corporate Warfare

Sardar Biglari’s approach stands out in an industry where many chains either have high-profile founders (like Chick-fil-A or In-N-Out) or are controlled by private equity firms (such as Roark Capital, which owns Subway, Dunkin’, Buffalo Wild Wings, and Sonic). Biglari, however, operates differently. He uses Steak ’n Shake’s cash flow to acquire stakes in rival companies, then publicly demands accountability from their leadership as if he were a direct competitor sitting at their table.

Not everyone in the industry approves of his methods.

“He’s considered to be very strange by most professionals in the restaurant world.”

“Restaurant people dismiss him as a nuisance.”