Cracker Barrel has lost almost $100 million as its share price crashed on Thursday after the company changed its iconic logo.
The diminishing business follows the CEO’s $700 million efforts to rebrand the old-time restaurant by effecting changes in the interior designs and artifacts in its over 660 locations.
Yesterday’s loss was the highest in its months of losing streak, with its shares eroding by 7.2% to $52.80, after hitting a rock bottom of $50.27 and eroding nearly $200 billion in capitalization, its worst since February 14.
The loss was triggered with the unveiling of the brand’s new logo, which removed Uncle Herschel, the man sitting on a wooden chair and having a hand on a barrel.
The new logo was a text-only logo that read “Cracker Barrel”, taking the form of modern aesthetics.
However, the change was widely disliked by customers as well as old-time fans who felt the brand had lost that homely-feeling that held them close to the 55-year-old company.
Despite the Cracker Barrel CEO, Julie Felss Masino, claiming the move was done to better root the company to its origin, the reaction from customers and from investors says otherwise.
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