Cracker Barrel loses almost $100 million in value as stock plunges after new logo release.
Wall Street’s reaction to the logo redesign comes as Cracker Barrel has been working to refresh its image through new menu items and redecorated stores that eschew the 55-year-old chain’s old-timey approach in favor of a more modern look.
According to the company’s website, the man and barrel in the old logo represented “the old country store experience where folks would gather around and share stories.”
It’s unusual for a company’s share price to plunge dramatically due to a logo redesign, although marketing missteps can cause investors to question a company’ strategy. Cracker Barrel’s overhaul has been overseen by CEO Julie Felss Masino, who last year described the chain as “not as relevant as we once were,” and announced plans to update its down-home menu.