(WDNews) — Cracker Barrel saw nearly $100 million in market value erased this week after unveiling a new company logo that dropped the longtime image of a man in overalls leaning against a barrel.
The new design, which now features only the restaurant chain’s name in text, was revealed Monday. Shares of the Tennessee-based company fell sharply following the announcement.
The redesign comes as Cracker Barrel works to modernize its image with updated menus and store décor, moving away from its 55-year-old country-style look. In a statement, the company said the character known as “Uncle Herschel” will remain part of its restaurants and menu branding.
“Our values haven’t changed, and the heart and soul of Cracker Barrel haven’t changed,” the company said, adding that the new logo is “rooted even more closely to the iconic barrel shape and wordmark that started it all.”
Reactions have been mixed. Conservative commentator Matt Walsh called the design “more generic,” while some social media users labeled the change “woke.” Marketing experts also criticized the shift, questioning its impact on the brand’s identity.
Cracker Barrel reported $3.5 billion in revenue for 2024, a slight increase from $3.4 billion in 2023. Net income, however, dropped from $99 million to $40.9 million. In its most recent quarter, revenue edged up to $821.1 million, compared to $817.1 million the year prior, according to a regulatory filing.
