Cracker Barrel Loses Nearly $100M After Logo Change Sparks Backlash

WASHINGTON - Cracker Barrel’s stock tumbled by $94 million this week after the restaurant chain unveiled a new logo that quickly drew heavy criticism from customers, lawmakers and other businesses.

The 55-year-old company’s shares fell 7.2 percent following the rebrand, which removed the sketch of an old man and barrel long associated with the chain, as well as the distinctive “K” flourish in its name.

Chief Marketing Officer Sarah Moore said the change, announced in March, was designed to “revitalize a brand that resonates with loyal guests while welcoming new ones to our table.” The company enlisted PR firms Prophet, Viral Nation and Blue Engine to help with the relaunch, which also included new social media messaging, menu updates and restructuring of 20 restaurants.

Donald Trump Jr. also weighed in on social media, writing, “WTF is wrong with @CrackerBarrel??!”

Despite the backlash, Cracker Barrel has not indicated any plans to reverse course. By Friday morning, however, the company had regained some ground, with shares up 2.55 percent in early trading.