Restaurant company Cracker Barrel Old Country Store Inc. (NASDAQ:CBRL) saw its shares fall last week on the heels of a company logo rebrand, as upset consumers worried about the appearance of the logo and the interior of restaurants.
On Monday, the company issued a statement on the logo change as it faces more pressure about a Board of Director member and prediction markets take bets on its CEO leaving.
Cracker Barrel Issues Logo Rebrand Statement
In a post shared on Facebook Monday, Cracker Barrel issued "a promise to our guests."
The restaurant company expressed gratitude for the comments from fans and stated that the restaurant’s values, which were established when the first store opened in 1969, remain unchanged: "hard work, family, and scratch-cooked food made with care."
"You've also shown us that we could've done a better job sharing who we are and who we'll always be," the restaurant company said.
The post said that the restaurants will feel like home and be a place for everyone.
"The things people love most about our stores aren't going anywhere: rocking chairs on the porch, a warm fire in the hearth, peg games on the table, unique treasures in our gift shop and vintage Americana with antiques pulled straight from our warehouse in Lebanon, Tennessee."
The company said it's not changing its logo rebrand, but added that the "old timer" from the old logo will be featured on the menu, road signs and inside stores.
"We know we won't always get everything right the first time, but we'll keep testing, learning, and listening to our guests and employees."
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Board of Directors Member Under Pressure
Last week, it was Cracker Barrel CEO Julie Felss Masino who was under pressure for the logo rebrand and reports about her past work history.
Conservative activist Robby Starbuck is now targeting Cracker Barrel Board of Directors member Gilbert Davila, according to a report from the New York Post.
In a video, Starbuck called out Davila for the company he's behind.
"What qualified him for the board seat?" Starbuck said in the video. "Well, you see, he's owned a DEI consulting and strategy firm for 15 years that focuses on pushing DEI and DEI advertising."
Davila, who joined the Cracker Barrel Board in July 2020, has also been the CEO of DMI Consulting since 2010.
"People like him are behind the woke advertising push that we've seen in recent years. And he was also one of the people responsible for DEI at Disney."
In the video, Starbuck accused Cracker Barrel of not just changing its logo, but focusing on abandoning the values of middle Americans in a multi-year campaign.
On its website, Cracker Barrel says Davila is the CEO of DMI Consulting, "a leading multicultural marketing, diversity & inclusion and strategy firm in the United States."
Prediction Markets Target Masino
As the logo rebrand uproar went viral, prediction markets pounced on the opportunity.
Kalshi has a prediction market for whether Masino will be out as the Cracker barrel CEO before the end of the year.
On Monday, there is a 28% chance that Masino will be out as CEO in 2025. The odds were as high as 42% on Aug. 22.
Prediction market Polymarket also has a similar market for Masino out as CEO with a 26% chance as of Monday.
CBRL Price Action
Cracker Barrel stock was down 0.3% on Monday to $54.26, adding to last week's losses. The stock, which has traded between $33.86 and $71.93 over the last year, is down 17.5% over the last month. Shares are down 1.2% year-to-date in 2025.
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Photo: Jonathan Weiss via Shutterstock
