55-year-old company’s share value dropped 7.2%
Cracker Barrel (CB) has lost almost $100 million in value following a divisive logo and design “refresh” that removed the old man and carefully sketched barrel on its logo, and will revamp the entire franchise.
The new logo is, how can I say this delicately? Soulless, to say the least. On Thursday, the once-beloved restaurant’s stock plummeted by $94 million, and the 55-year-old company’s share value dropped 7.2%.
New logo – Out with the old logo (on the left) and in with the new.
“We believe in the goodness of country hospitality, a spirit that has always defined us. Our story hasn’t changed. Our values haven’t changed. With ‘All the More,’ we’re honoring our legacy while bringing fresh energy, thoughtful craftsmanship and heartfelt hospitality to our guests this fall,” said Sarah Moore, Chief Marketing Officer of Cracker Barrel.
CB has served up southern charm along with southern comfort food since 1969. It now has nearly 660 locations across the nation. The logo change is the least of the company’s mistakes, however.
It has intentionally removed the charm of the gift shop and restaurant with plans to remodel and redesign every location by replacing the old-time feel with a more modern and sterile vibe.
Picture a Denny’s without character.
Moore has stated the goal was to “revitalize” the brand to gain new guests.
Loyalists aren’t happy, and the backlash is real.
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