Cracker Barrel Old Country Store Inc. shares plunged as much as 14% to about $50 in New York trading on 21 August, the stock’s sharpest one-day decline since 2020. The sell-off followed the restaurant chain’s decision earlier in the week to replace its nearly 50-year-old logo, triggering investor concern that the move could alienate core customers. Introduced on 19 August, the new design drops the image of a man leaning on a barrel—an emblem in use since 1977—and instead features the words “Cracker Barrel” inside a yellow, barrel-shaped outline. The phrase “Old Country Store” has been removed, and the simplified mark is meant to translate better across digital platforms and roadside signs. Chief Executive Officer Julie Felss Masino told ABC’s “Good Morning America” that feedback has been “overwhelmingly positive.” The company described the change as the fifth evolution of its logo and part of a broader “All the More” transformation that includes refreshed restaurant interiors, updated menus and a marketing tie-in with country singer Jordan Davis. The redesign has drawn sharp criticism on social media—particularly from conservative commentators—and even elicited public mockery from rival chain Steak ’n Shake. Analysts said the backlash, combined with uncertainty over the broader branding strategy, helped drive Thursday’s sell-off, which erased more than $100 million in market value. Lebanon, Tennessee-based Cracker Barrel operates roughly 660 restaurants in 43 states and has been pursuing a multiyear turnaround launched in 2024 to modernize the brand and reignite traffic. Despite the latest decline, the company’s market capitalization remains a little above $1 billion.