Cracker Barrel lost almost $200 million in market value Thursday after its stock price plunged following the release of a redesigned company logo.
Shares of the restaurant chain fell as much as $8.74, or nearly 15%, during morning trading, cutting $194.6 million from the company’s market value. The stock recovered slightly by early afternoon but was still down $8.19, or 13.9%, to $50.84 per share.
The sharp drop came after Cracker Barrel unveiled a new logo that removes the longtime image of a man in overalls leaning against a barrel. The simpler design now features only the restaurant’s name, a change the company says better reflects its modernized approach.
The original logo, in place for decades, was intended to represent “the old country store experience where folks would gather around and share stories,” according to the company. The man in the logo, known as “Uncle Herschel,” was meant to evoke that nostalgic feel. Cracker Barrel stressed that despite the logo update, “Uncle Herschel” will remain part of its restaurants and menus.
“Our values haven’t changed, and the heart and soul of Cracker Barrel haven’t changed,” the company said in a statement, noting that the redesign ties the brand closer to the barrel shape and wordmark that started it all.
The logo change is part of a wider effort led by CEO Julie Felss Masino, who has pushed to refresh the 55-year-old chain with new menu items and modernized store designs. Masino has said the company was “not as relevant as we once were” and needed to adapt to today’s customers.
Still, the new look drew criticism. Conservative commentator Matt Walsh dismissed the logo as “more generic,” while marketing experts also weighed in negatively. Kevin Dahlstrom, a marketing executive, called the rebrand a “fiasco,” saying Cracker Barrel abandoned a rare level of customer loyalty.
“The holy grail of marketing is to create a brand that customers give a damn about,” Dahlstrom wrote. “When you have that — as Cracker Barrel did — you NEVER EVER abandon it.”
Although it is uncommon for a stock to drop so sharply because of a logo redesign, the market reaction reflects investor concerns about the company’s broader strategy and efforts to modernize without alienating loyal customers.
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