Cracker Barrel saw its market value shrink by almost $100 million on Thursday after investors reacted negatively to the company’s newly unveiled logo.
The redesign removes the chain’s longtime imagery of an overall-clad man leaning against a wooden barrel, replacing it with a simplified wordmark featuring only the restaurant’s name.
Shares dropped $4.22, or 7.2%, to close at $54.80, wiping out roughly $94 million in market capitalization. At one point during the day, the stock hit a low of $50.27 — a decline that briefly represented nearly $200 million in lost value.
Trading stabilized on Friday, with shares showing a slight rebound in pre-market activity......Read More