Cracker Barrel lost approximately $94 million in market value in a single day following a rebrand that drew fierce criticism from supporters of President Donald Trump. The Southern-themed restaurant chain's stock fell 7.15% to close at $54.80 per share on Thursday, after dropping as much as 15% earlier in the day.
The controversy centres on the company's new logo, which replaces the longstanding image of a seated man in overalls leaning on a barrel with a simplified design featuring only the name 'Cracker Barrel' against a gold background. Critics, including prominent conservative figures, have labelled the change as 'woke' and 'boring'.
Florida Congressman Byron Donalds, a former Cracker Barrel employee, posted on X: '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.' Right-wing commentator Matt Walsh added: 'Yes let’s remove everything charming and distinct from the logo and make it as generic and boring as we possibly can.'
Donald Trump Jr. also weighed in, questioning the rebrand and criticising CEO Julie Felss Masino's 'DEI regime'. The backlash has been linked to accusations that the change is part of a diversity, equity and inclusion initiative.
Cracker Barrel defended the redesign, stating that the new logo is 'now rooted even more closely to the iconic barrel shape and word mark that started it all.' The chain, which first opened in 1969, has undergone five logo redesigns, with the previous version dating back to 1977.
