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Regional & National

Cracker Barrel cuts 60 jobs

July 15th, 2011 9:08 am by Staff Report

LEBANON, Tenn. (AP) — Restaurant operator Cracker Barrel Old Country Store Inc. said Friday that it eliminated about 60 jobs as part of a cost-cutting program.

The job cuts included both staff and management positions and most of the people affected worked at the company's headquarters in Lebanon, Tenn., Cracker Barrel said.

Cracker Barrel said its customers continue to face tough economic conditions and the company expects its commodity costs to continue to rise next year.

The company said it expects to save about $10 million a year on a pretax basis as a result of the job cuts.

Cracker Barrel said severance and other expenses related to the cuts will lower its income from operations for the fiscal fourth quarter by $4 million to $5 million, and diluted earnings per share by 14 cents to 17 cents. The charges were not included in the company's previously issued fiscal fourth quarter guidance.

The company owns and operates 603 locations in 42 states.

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