Cracker Barrel stock plunged almost 15% on Thursday after the company released a new logo that removes its long-time image of a man leaning against a barrel.
Cracker Barrel shed almost $200 million in market value after its stock plunged Thursday following the release of a new logo. The new design eliminates a longstanding drawing of an overall-clad man leaning against a barrel, in favor of a cleaner logo featuring just the chain’s name.
Shares of Cracker Barrel fell as much as $8.74, or almost 15%, in Thursday trading, shaving as much as $194.6 million from the company’s market value. The stock regained some ground in early afternoon trading, with shares down $8.19, or 13.9%, to $50.84.
Wall Street’s reaction to the logo redesign comes as Cracker Barrel has been working to refresh its image through new menu items and redecorated stores that eschew the 55-year-old chain’s old-timey approach in favor of a more modern look.
