Cracker Barrel Old Country Store shed nearly $100 million in market value Thursday after unveiling a new logo, CBS News reported. The redesign replaces the chain’s long-standing imagery of a man in overalls leaning against a barrel with a simplified version featuring only the company’s name and barrel symbol.
In a statement to CBS News, Cracker Barrel emphasized that the change does not alter its identity. The company said the character known as “Uncle Herschel” will remain “front and center in our restaurants and on our menu.” It added, “Our values haven’t changed, and the heart and soul of Cracker Barrel haven’t changed.”
Despite those assurances, investor reaction was swift. According to CBS News, shares dropped 7.2% on Thursday, falling $4.22 to close at $54.80 and briefly hitting $50.27, a low that erased nearly $200 million in value. The stock partially recovered Friday morning but slipped again to end the day at $54.40.
The logo redesign drew criticism across social media. Conservative commentator Matt Walsh labeled the change “generic,” while other critics called it “woke.” Brand strategist Kelly O’Keefe told CBS News the update simplified an “overly complex logo,” but noted that even routine marketing moves are now often politicized. Kevin Dahlstrom, founder of Bolt Health and a former chief marketing officer, went further, calling the rebrand a “fiasco” that risks alienating loyal fans.
Founded in 1969, Cracker Barrel operates about 660 locations nationwide. Growth has slowed in recent years, with 2024 revenue rising just 0.8% to $3.5 billion. Net income fell to $40.9 million, down sharply from $99 million in 2023, the outlet reported. Analysts suggested that the company’s uneven financial performance may have heightened investor sensitivity to its branding overhaul.
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