(LOOTPRESS) – Cracker Barrel’s stock fell sharply Thursday following the rollout of a new logo that removed the restaurant’s longtime imagery.
The 55-year-old company’s share value dropped 7.2 percent, or $94 million, after it unveiled a rebrand that eliminated the old man and barrel from its logo, along with the signature whipping “K” flourish.
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Cracker Barrel Chief Marketing Officer Sarah Moore described the change as a “refresh” back in March, saying the goal was to revitalize a brand that “resonates with loyal guests while welcoming new ones to our table.”
The relaunch involved PR firms Prophet, Viral Nation and Blue Engine, which contributed to new messaging on social media, redesigned menus and the restructuring of 20 restaurants.
The change has sparked intense pushback from lawmakers, restaurants and patrons.
“WHAT IS WRONG WITH CRACKER BARREL?? KEEP YOUR BEAUTIFUL LOGO!!! THE NEW ONE LOOKS LIKE CHEAP VELVEETA ‘CHEESE’ FROM WALMART, THE PLACE FOR ‘GROCERIES’ (AN OLD FASHIONED TERM)!!! ‘FIX IT’ ASAP! WOKE IS DEAD!! THANK YOU FOR YOUR ATTENTION TO THIS MATTER,” the office of California Gov. Gavin Newsom (D) wrote on X.
Despite the criticism and stock decline, the company has not indicated any plans to reverse course.
Cracker Barrel’s stock regained some of its losses Friday as part of a broader market rebound.
