Cracker Barrel is facing widespread backlash after rolling out a new logo and plans to update its restaurants to a more modern style.
On Aug. 19, the chain restaurant announced changes to its logo and menu as part of a campaign titled “All the More.” The rebrand features new and returning menu items, “refreshed” restaurant remodels and an “enhanced brand look and feel,” according to a news release.
Despite the chain’s excitement in its announcement, many were disappointed, and even outraged, by the change. Customers were so upset, in fact, that the chain saw an almost $10 drop in stock value over the course of one day.
Here’s what you need to know about the company’s current financial situation.
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How much has Cracker Barrel stock dropped?
Cracker Barrel’s announcement on Aug. 19 didn’t attract national attention until late on Aug. 20, which is reflected in the company’s stock value.
When the market closed on Aug. 20, shares were valued at $59.02. However, they took a sharp turn midday on Aug. 21, with stock prices falling to $50.76 by midday. By the end of the trading day, the prices had recovered slightly to $54.80 a share.
While this may seem like a major hit for the company, it’s not the lowest shares have been for the organization this year. The company reached a high in late January, when its shares were valued at $64.98, but they soon began to drop and hit a year-low of $35.11 in early April.
The peak value of shares this year was on July 23, only four weeks ago, when stocks were valued at $71.86.
What does Cracker Barrel’s new logo look like?
While still featuring the company’s classic gold and brown color palette, the new Cracker Barrel logo offers a simplified version that no longer depicts a man seated next to a wooden barrel.
The new logo includes the restaurant’s name in brown lettering against a golden yellow border.
The rebrand comes as Cracker Barrel continues renovations at some of its locations around the country, giving restaurants a more modern facelift.
CONTRIBUTING: Stephen J. Beard, Melina Khan, USA TODAY
This article originally appeared on USA TODAY: Cracker Barrel stock dropped after logo, rebranding backlash
