Cracker Barrel’s stock tanked Thursday, losing $94 million in value after the Southern country restaurant rolled out a rebranded logo that many say is a betrayal of its customer base.
Known for its old-fashioned atmosphere, the company’s share value dropped 7.2% following the corporate decision to remove the old man and the barrel from its logo. The flourish over the “K” in the restaurant’s name is gone, and the logo’s shape and colors have changed as well.
“Our values haven’t changed, and the heart and soul of Cracker Barrel haven’t changed,” the company said in a statement. “And Uncle Herschel remains front and center in our restaurants and on our menu. He is the face of ‘The Herschel Way,’ the foundation of how our 70,000 plus employees provide the country hospitality for which we are known.
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