Cracker Barrel Cuts 60 High-Level Jobs (CBRL)

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Retail/restaurant chain operator Cracker Barrel Old Country Store, Inc. ( CBRL ) on Friday announced it would eliminate 60 high-level jobs in a continued effort to cut costs amid a challenging economic environment.

Most of the 60 management and staff jobs eliminated will come at its Lebanon, Tennessee headquarters. CBRL currently has around 67,000 employees.

Like many restaurant chains, Cracker Barrel has been hurt by rising commodity costs. CEO Michael Woodhouse commented, "Our customers continue to face a challenging economic environment, and our company will continue to face commodity cost increases next year."

The company expects the move to reduce fourth quarter earnings by 14 to 17 cents per share.

Cracker Barrel shares were unchanged in premarket trading Friday.

The Bottom Line
Shares of Cracker Barrel ( CBRL ) have a 1.82% dividend yield, based on last night's closing stock price of $48.32. The stock has technical support in the $44-$45 price area. If the shares can firm up, we see overhead resistance around the $50-$54 price levels.

Cracker Barrel Old Country Store, Inc. ( CBRL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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