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  "notes": "Uses analyst quotes and a SunTrust Robinson Humphrey research note to undermine the strategic rationale of the deal.",
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      "text": "Aside from the benefits of Punch Bowl Social as an investment, we see limited opportunities for operating synergies, aside from purchasing power, given limited customer and geographic (urban vs. rural) overlap.",
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      "text": "Robert Mashall Derrington, Telsey Advisory Group: \"And I'm curious, are you comfortable with the unit economics of the brand? ... sales per foot of roughly about $330 per foot compared to Cracker Barrel, which is well over $500.\"",
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      "text": "CBRL has long sought a growth vehicle, opening \"Holler & Dash\" in March, 2016 and expanding to 7 units by March, 2018 before stopping (or pausing?) growth.",
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