(WDNews) Cracker Barrel lost about $100 million in market value last week after they unveiled a new logo that did away with the company’s iconic picture of a guy leaning on a barrel while wearing overalls.
On Monday, the new design was unveiled, which now just includes the name of the restaurant business in print. After the announcement, the Tennessee-based company’s stock plunged precipitously.
With redesigned menus and store décor, Cracker Barrel is attempting to revamp its image and move away from its 55-year-old country-style aesthetic. The Uncle Herschel figure will continue to appear in the company’s restaurants and menu branding, according to a statement.
The firm stated that the new design is even more rooted to the classic barrel shape and wordmark that began it all, and that “our values haven’t changed, and the heart and soul of Cracker Barrel haven’t changed.”
Responses have been conflicting. Some social media users referred to the update as woke, while conservative commentator Matt Walsh dubbed the design more generic. The change was also challenged by marketing professionals, who questioned how it would affect the brand’s identity.
Revenue for 2024 was $3.5 billion, up slightly from $3.4 billion in 2023, according to Cracker Barrel. However, net income fell from $99 million to $40.9 million. According to a regulatory filing, revenue increased marginally to $821.1 million in the most recent quarter from $817.1 million in the previous year.
