Cracker Barrel Shares Down About 32% This Year, Following “Century’s Worst Brand Blunder”

Cracker Barrel tried to go “modern,” and eight days later had to shove Uncle Herschel back into the logo. Two months on, investors are still cleaning up the mess — the stock is down 32% this year and inching toward its 2008 financial-crisis faceplant. 

CEO Julie Felss Masino thought removing the overalls-wearing mascot would “revive” the 50-year-old chain. Instead, loyal diners, conservative activists, and even Donald Trump dragged the company for ditching its Southern identity. Some shareholders now want her gone, according to Bloomberg. 

As Biglari Capital put it: “Management has relied on ill-conceived strategies that have worsened existing challenges rather than solved them.” They’re calling for votes against Masino and board compensation chair Gilbert Dávila. Biglari owns 2.9% of the company — and apparently 97% of the patience.

Bloomberg writes that traffic hasn’t recovered even after firing the marketing firm and scrapping remodel plans, per Placer.ai data. Cracker Barrel’s defense: “We’ve taken recent guest feedback to heart and are moving forward with a renewed focus on the food and guest experience.”

Translation: We hear you, please come back.

This Bud Light-style misfire comes as the whole industry struggles with inflation and weak traffic. But Cracker Barrel is making its own problems: an 8% drop in visits after the logo fiasco vs. 1% before. Wells Fargo’s Anthony Trainor noted, “Cracker Barrel’s turnaround has come off track… It will take time for the brand to recover.”

Their solution? A $19.99 two-entree-plus-dessert deal that Trainor says doesn’t “address underlying issues.” 

The “not ideological at all” rebrand has vaporized nearly $600 million in value. Masino insists the logo tweak was just about billboard visibility — because nothing says legibility like erasing your mascot and your customer base.

Competitors aren’t doing great either — Cheesecake Factory, Brinker, Chipotle — but to their credit, at least they didn’t attempt a woke makeover that backfired instantly.

Biglari’s final roast: the logo stunt ranks “among this century’s worst brand blunders alongside Bud Light and Jaguar.” Congratulations, Cracker Barrel — you’re in legendary company.