Cracker Barrel loses $94 million after 'woke rebrand'

Cracker Barrel’s stock dropped by nearly $94 million on Thursday after the restaurant chain revealed a major brand “refresh,” which included a complete change to the restaurant’s iconic logo. The restaurant chain’s rebranding effort has received major backlash on social media this week.

According to The Hill, Cracker Barrel’s stock dropped by $94 million on Thursday as shares plummeted by 7.2 percent after the company unveiled its new logo.

Fox Business reported that Cracker Barrel launched a $700 million brand refresh for the restaurant chain’s roughly 660 locations in May.

In a press release, Cracker Barrel stated, “The brand refresh, which is currently underway, includes visual elements, reimagined restaurant spaces, and innovative food and retail offerings – all while honoring the authentic hospitality and warmth that keeps guests falling in love with the brand.”

As part of Cracker Barrel’s refresh effort, the restaurant chain revealed a new logo on Tuesday. The logo includes the removal of the old man with his arm on a wooden barrel. 

“Anchored in Cracker Barrel’s signature gold and brown tones, the updated visuals will appear across menus and marketing collateral, including the fifth evolution of the brand’s logo, which is now rooted even more closely to the iconic barrel shape and word mark that started it all,” Cracker Barrel stated.

Sharing the contrast between the new logo and Cracker Barrel’s iconic logo, one social media user wrote, “I am boycotting @CrackerBarrel until they change the logo back and fire the CEO.”

The “End Wokeness” social media account also shared pictures of Cracker Barrel’s remodeled restaurant locations, which show a major departure from the restaurant chain’s traditional decor. End Wokeness tweeted, “Cracker Barrel CEO Julie Masino should face charges for this crime against humanity.”

Commenting on the sudden change to the restaurant chain’s iconic logo and restaurant locations, Donald Trump Jr. tweeted, “WTF is wrong with @CrackerBarrel??!”

In a statement on social media, Rep. Byron Donalds (R-Fla.) described Cracker Barrel’s old logo as “iconic” and claimed that the restaurant chain was a “fixture of American culture.” “No one asked for this woke rebrand,” Donalds added. “It’s time to Make Cracker Barrel Great Again.”

Mocking the restaurant chain in a viral tweet, Steak ‘n Shake wrote, “Sometimes, people want to change things just to put their own personality on things. At CB, their goal is to just delete the personality altogether. Hence, the elimination of the ‘old-timer’ from the signage. Heritage is what got Cracker Barrel this far, and now the CEO wants to just scrape it all away.”

Despite widespread backlash against the company, a Cracker Barrel spokesperson told Fox News, “Our values haven't changed, and the heart and soul of Cracker Barrel haven’t changed.”