Stock prices for Cracker Barrel significantly drop by 11% following Bud Light's perceived "woke" move
Cracker Barrel Old Country Store Inc. has found itself in the midst of a heated debate following the unveiling of its new logo. The modernized version of the rustic emblem, which replaced the nostalgic, beloved design, has sparked intense online protests and criticism from both customers and commentators.
Julie Felss Masino, the new CEO of Cracker Barrel, has been at the centre of the controversy, with some claiming that the logo change undermines the brand's heritage and erodes its identity. One user criticized the new design, stating it scraps the nostalgic feel that has long been associated with Cracker Barrel. Another user compared the new logo to the controversial Bud Light rebranding, drawing parallels to the backlash that Anheuser-Busch faced due to a marketing decision that alienated part of its core customer base.
Alex Bruesewitz, a Trump advisor, joined the chorus of critics, stating that the new CEO is "destroying a once great American brand." The sell-off of Cracker Barrel shares indicates a sensitivity to cultural and political debates among legacy brands, with the sharp market reaction suggesting investors fear a prolonged hit to Cracker Barrel's consumer loyalty due to the logo change.
Notably, the drop in Cracker Barrel's share price occurred on Thursday, with the stock experiencing a decrease of over 10%, decreasing by $6.47 to $52.55. Despite the backlash, Cracker Barrel has yet to issue a public statement addressing the controversy.
The controversy surrounding the new Cracker Barrel logo has escalated, involving political figures and drawing comparisons to the Bud Light controversy. As Cracker Barrel navigates this challenging period, it remains to be seen how the brand will respond to the criticism and whether it will revert back to its iconic, nostalgic logo.
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