Cracker Barrel loses almost $100 million in value as stock plunges after new logo release [View all]
Source: 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.
According to the company's website, the man and barrel in the old logo represented "the old country store experience where folks would gather around and share stories."
Read more: https://www.cbsnews.com/news/cracker-barrel-cbrl-stock-down-200-million-loss-new-logo-change/
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