Cracker Barrel’s stock plummeted nearly 15% on Thursday, erasing approximately $94 million in market value, after the company unveiled a new logo that replaced its iconic image of an overall-clad man leaning against a barrel with a simpler design featuring only the chain’s name. The stock hit a low of $50.27, briefly reflecting a loss of nearly $200 million in capitalization, before closing at $54.80, down 7.2%.

The backlash, particularly from conservative commentators and loyal customers, criticized the rebrand as “generic” and a departure from the chain’s nostalgic, country-store identity, with some, like right-wing podcaster Matt Walsh, calling it a marketing misstep. Marketing expert Kevin Dahlstrom labeled the overhaul a “fiasco,” arguing that Cracker Barrel should have doubled down on its unique brand rather than abandoning it.

The logo change is part of a broader $700 million modernization effort led by CEO Julie Felss Masino, who has acknowledged the chain’s declining relevance and aims to refresh its image through updated menus and store redesigns. Despite the criticism, Cracker Barrel insists that its core values and the presence of “Uncle Herschel” in its restaurants remain unchanged.