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  "documentTitle": "Bilgari Cracker Barrel Presentation October 2020",
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  "presentationDate": "2020-10-01 00:00:00",
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  "notes": "The slide uses a contrast between the initial ambitious long-term plan and the eventual failure to secure financing to argue against the brand's viability.",
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      "kind": "callout",
      "text": "Punch Bowl's failure to arrange third party financing is evidence that investors were not confident about its viability as a proven brand before the pandemic",
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      "text": "Source: Public filings and investor call transcripts",
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      "text": "Under the terms of the agreement, Cracker Barrel will invest up to approximately $140 million... which Punch Bowl Social is presently arranging.",
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      "text": "Start Date: July 18, 2019; Investment: $89M; Strategic Details: $7-8M AUV; Footprint: 17 locations; Theme: Food/Bev/Gaming; Status: Exited March 2020, $137M loss",
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      "text": "Equity: $89.1M; Debt: $52.9M; Expansion: $415.0M; Acquisition: $62.9M; Total: $619.9M",
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