U.S. President Donald Trump has weighed in on the Cracker Barrel (CBRL) logo controversy that has erupted on the internet.
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On social media, President Trump said that the homestyle restaurant chain should go back to its previous old logo, agreeing with critics that the rebranding effort has missed the mark. Cracker Barrel’s stock rose 5% immediately after the president’s remarks.
“Cracker Barrel should go back to the old logo, admit a mistake based on customer response (the ultimate Poll), and manage the company better than ever before,” wrote President Trump on his Truth Social account. “They got a Billion Dollars worth of free publicity if they play their cards right… Have a major News Conference today. Make Cracker Barrel a WINNER again,” added the president.
Bland Rebrand
Cracker Barrel has been roundly criticized for a bland rebrand that includes an uninspiring logo and removes the image of a man known as “Uncle Herschel” seated next to a large wooden barrel. The internet has erupted with comments claiming the rebrand is “soulless” and “lazy.”
Cracker Barrel has responded to the criticism with a post on its website that states: “We’re truly grateful for your heartfelt voices. 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 chain also stressed that its locations aren’t changing, including the rocking chairs on the porch, the fireplaces, and the gift shop.
As for Uncle Herschel, he’ll remain on Cracker Barrel’s menu and other aspects of the company’s branding.
Is CBRL Stock a Buy?
The stock of Cracker Barrel has a consensus Hold rating among six Wall Street analysts. That rating is based on one Buy, three Hold, and two Sell recommendations issued in the last three months. The average CBRL price target of $55.80 implies 2.45% downside from current levels.
