The fallout from Cracker Barrel’s logo change and restaurant makeover isn’t over. Shares of the food chain plunged Thursday as customer backlash and investor unease drove the chain’s worst losing streak in months.
The fallout from Cracker Barrel’s logo change and restaurant makeover isn’t over. Shares of the food chain plunged Thursday as customer backlash and investor unease drove the chain’s worst losing streak in months.
Shares of Cracker Barrel tumbled more than 12% on Thursday, the steepest drop since April.
The stock, down 16.47%, is on pace for its worst five-day stretch since Feb. 14, when it dropped 17.7%. Cracker Barrel’s stock fell to $52, down more than $6, or about 11%, marking its lowest level since mid-June. Shares gained slightly to $53.48 by the afternoon.
Since May, Cracker Barrel, beloved for its Southern comfort food, front-porch rocking chairs and gift shop filled with knickknacks and old-fashioned sweets, has embarked on a $700 million transformation across its 660-plus restaurants.
