This can't end well. Cracker Barrel -- which has come under fire from the Left for being 'racist' in the past -- is now seeking to 'revitalize' its brand amid a struggling economy.
We're worried it'll go the same way as Red Lobster.
“Cracker Barrel is a great concept and a great company,” Julie Felss Masino told investors. “But to ignite growth, we must revitalize the brand. https://t.co/MzHSnxfjgQ
— WSOCTV (@wsoctv) May 26, 2024
Cracker Barrel’s stock dropped sharply after its new CEO admitted in an earnings call that the chain of Southern country restaurants is not as “relevant” as it used to be.
During an investors conference call on May 16, Julie Felss Masino said the restaurant chain, based out of Lebanon, Tennessee,“ was not delivering the financial results that shareholders deserve,” USA Today reported.
“Cracker Barrel is a great concept and a great company,” Masino said during the call. “But to ignite growth, we must revitalize the brand.
“We’re just not as relevant as we once were.”
The restaurant is cutting its dividends by approximately 80% as it intends to invest heavily into overhauling its restaurants and updating its brand, according to The Wall Street Journal. The quarterly dividend will be trimmed from February’s $1.30 per share to 25 cents in August, the newspaper reported.
X users are not optimistic that this'll go well for the down home country restaurant.
Awesome, we get to see another brand run into the ground by private equity.
— soup (@tactical_spork) May 26, 2024
Recommended
Here's hoping we don't.
No… you need to go back to WHY people Loved CB. The changes made have driven away loyal customers
— George Brown (@georgebrownmem) May 26, 2024
This. All of this.
Good food. Good service. Clean and cozy restaurants.
That's all it takes.
Once we change the decor to industrial loft style, and change the menu to generic pseudo tapas, then we'll see growth!
— losira99 (@losira99) May 27, 2024
Ugh.
They're going to start selling Dylan Mulvaney bobble heads in the store section aren't they?
— Just James (@InfectiousMasc1) May 28, 2024
Please, no.
50% of the restaurants will be closed within 3 years.
— Stu 🇺🇸 (@DiscoStu79) May 28, 2024
The most likely outcome, although three years seems generous.
CB: This is why we've been great for so long.
— Physics Geek (@physicsgeek) May 28, 2024
Also CB: But we're going to change that stuff just because.
CB, not too distant future: We've sold all of our buildings to Taco Bell. https://t.co/bzlrSdGxrr
That's how this plays out.
Why do we keep doing this?
— Russell Michaels, Momotaros (@TGBED8v8) May 28, 2024
The brand is fine.
Every Cracker Barrel I’ve ever gone to has been busy as Hell hours before and hours after the normal rush hours.
Just stop. https://t.co/xO4lJ3vtwZ
Please stop.
Is CB "too fratty" as well?
— Dave Gordon 🇺🇸 🇮🇱 (@D_Gordzo) May 28, 2024
Is there a Wharton MBA who can work her magic? https://t.co/FLDzFCRS5W
Heh.
"We just have to get rid of the nostalgic store items, the Chicken n' Dumplins', and especially those rocking chairs." https://t.co/6ISw3RUa2h
— Morgan Rhinegelt (@rhinegelt) May 28, 2024
Then it'll be fine!
They always do this -- change a business to 'attract' customers who will not be customers while alienating the actual customer base. It never works, and yet they keep doing it.
What's the definition of insanity again?
The truth of it, right here.
— Arthur Frelling Dent (@ArthurFrDent) May 28, 2024
Particularly in the restaurant space, these have happened a lot, and bankruptcies appace. https://t.co/zf2hC8YSZw pic.twitter.com/yOOXhLyZ5p
Nailed it.
Lol. These chains Don't get it. We don't go to a chain for a new experience. The only thing a chain can offer us is an experience that hasn't changed in decades.
— Professor Leisure🍍 (@TheLeisureProf) May 26, 2024
MBA group think is wack. https://t.co/oOZpho1FsR
It is whack.
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