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Investing.com -- Cracker Barrel (NASDAQ:CBRL) shares slumped on Thursday after the restaurant chain’s updated logo sparked a wave of negative reactions online.
The stock has declined by more than 14%, its steepest intraday drop in several months. It is currently trading around the $50.34 mark. The decline marks the fifth consecutive session of losses.
The company unveiled the refreshed design earlier this week as part of a broader marketing push.
The campaign features country music singer Jordan Davis and introduces what Cracker Barrel described as the fifth evolution of its brand identity.
In a statement released Aug. 19, the chain said the new look is “anchored in Cracker Barrel’s signature gold and brown tones,” and that the updated visuals will appear across menus and advertising.
The latest version of the logo, the company added, is “rooted even more closely to the iconic barrel shape and word mark that started it all.”
But the changes drew criticism across social media, where users posted objections ranging from the aesthetics of the logo to frustration with the company’s decision to alter a long-standing brand image.
The backlash helped push Cracker Barrel to the top of trending tickers on the investor forum Stocktwits on Thursday.
Cracker Barrel has not yet responded to a request for comment.