Cracker Barrel investors remain cautious after the restaurant chain’s brand remake backlash. Shares have dropped over 10% since the announcement, erasing $143 million in market value. The S&P 600 has gained 2.4%, while the S&P 500 is down 0.07%. The company assures that its core values remain unchanged.

CEO Julie Felss Masino defended the brand makeover, stating that the feedback has been positive. Customers expressed outrage after the removal of the iconic “Uncle Herschel” from the logo. The new design features a modern text-only approach, sparking controversy among consumers and conservative activists.

Conservative activist Robby Starbuck criticized Cracker Barrel for its “woke policies” and highlighted board member Gilbert Davila’s focus on DEI initiatives. The company responded, stating Davila’s expertise in multicultural marketing has provided valuable insights. The controversy has put the company under fire for its recent brand decisions.

Read more at Yahoo Finance: Cracker Barrel loses $143 million in market value after woke brand fiasco