Cracker Barrel's stock sinks after controversial 'woke rebrand'

Cracker Barrel Old Country Store made headlines this week after it unveiled a drastic rebrand, though not for positive reasons.

The 55-year-old chain replaced its iconic logo, which featured a man leaning against a barrel, with a more generic design that includes only the company's name.

'"Rebrand" all of that to something more modern, something more inclusive, and something that erases those feelings, and you're "rebranding" the SOLE reason why anyone goes there to begin with.'

The logo change comes after Cracker Barrel started changing its restaurant interiors last year. The updated look replaces the classic country style with a more modern design.

The update went viral online for all the wrong reasons, with many accusing the restaurant of going "woke."

"In college, I worked at @CrackerBarrel in Tallahassee. I even gave my life to Christ in their parking lot," Rep. Byron Donalds (R-Fla.) wrote in a post on social media. "Their logo was iconic and their unique restaurants were a fixture of American culture. No one asked for this woke rebrand. It's time to Make Cracker Barrel Great Again."

RELATED: Cracker Barrel ditches Americana as customers call for boycott over iconic brand change

Photo by: Jeffrey Greenberg/Universal Images Group via Getty Images

Even Steak 'n Shake took a swipe at Cracker Barrel on social media.

"Sometimes, people want to change things just to put their own personality on things. At CB, their goal is to just delete the personality altogether. Hence, the elimination of the 'old-timer' from the signage. Heritage is what got Cracker Barrel this far, and now the CEO wants to just scrape it all away," the hamburger food chain wrote.

Though the company reportedly hired three marketing agencies to help with its redesign as part of a $700 million larger transformation plan, the public pushback appeared to negatively impact Cracker Barrel's stock.

Its shares fell nearly 15% during Thursday trading, dropping the restaurant's market value by $194.6 million, CBS News reported. Cracker Barrel regained some ground in the afternoon, with shares down roughly 13.9%.

RELATED: Cracker Barrel faces boycott over 'woke' post celebrating Pride month, pushing DEI initiatives with LGBTQ+ alliance

Photo by Joe Raedle/Getty Images

"Shareholders should be absolutely infuriated," conservative commentator Robby Starbuck stated.

"Bottom line: Wokeness destroys businesses."

He called for Cracker Barrel's CEO to be fired.

Blaze Media co-founder Glenn Beck said, "Cracker Barrel CEO Julie Felss Masino said on Good Morning America this week that people are thrilled about the [restaurant's] rebrand. I think she's lying."

"Woke ideology has changed our country in countless ways, some of which we may never get back. But Cracker Barrel has always represented the one thing I think so many Americans currently crave: NOSTALGIA," Beck continued. "You go to Cracker Barrel for the rocking chairs outside, the meals that taste like grandma's home cooking, and the simple game of Chinese checkers on the table."

"'Rebrand' all of that to something more modern, something more inclusive, and something that erases those feelings, and you're 'rebranding' the SOLE reason why anyone goes there to begin with," Beck added.

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