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| Above, the Cracker Barrel fireplace we know and love. Photo by Armand Vaquer. |
Some people seem to have very short memories.
Remember when Bud Light and Target department stores "went woke" a few short years ago? Most of us do remember and are reminding Cracker Barrel's CEO Julie Felss Masino and her board of directors.
Remember, too, how stocks in those companies took deep nosedives. This is now happening to Cracker Barrel.
From CBS News:
Cracker Barrel shed almost $100 million in market value after its stock plunged Thursday following the release of a new logo. The new design eliminates a longstanding drawing of an overall-clad man leaning against a barrel, in favor of a cleaner logo featuring just the chain's name.
Shares of Cracker Barrel fell $4.22, or 7.2%, to $54.80 in Thursday trading, shedding $94 million in market value. The stock had dipped to a low of $50.27 earlier in the day, representing a loss of almost $200 billion in its capitalization.
Wall Street's reaction to the logo redesign comes as Cracker Barrel has been working to refresh its image through new menu items and redecorated stores that eschew the 55-year-old chain's old-timey approach in favor of a more modern look.
To say that the "fit hit the shan" (cleaned up version) with the public is an understatement.
Go woke, go broke!
To read more, go here.
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