They were warned.
Sardar Biglari, one of Cracker Barrel’s largest investors, told the board loud and clear: Don’t do it.
Don’t waste $700 million trying to “rebrand” a beloved American institution.
Don’t scrap the iconic old-man-and-barrel logo that’s been part of the company since 1977.
Don’t chase corporate trends that customers never asked for.
But Cracker Barrel’s top brass didn’t listen. They brushed him off. They pushed forward anyway.
And now, the company’s stock is tumbling, loyal customers are furious, and the same board that ignored the warning is pretending everything’s fine.
It’s not.
A CEO Who Thought She Knew Better
This all started in May 2024 when Cracker Barrel’s new CEO, Julie Felss Masino, got on a call with investors and laid out a flashy five-part “strategic transformation plan.”
The first pillar? Rebranding.
That meant hiring a big-name branding agency, gutting the company’s classic country look, and replacing it with something “modern.”
Masino promised to “delight new guests,” enhance digital orders, and “elevate” the employee experience.
But what she really did was push out tradition and bet the farm on style over substance.
Then came the kicker: she replaced the company’s iconic logo with a bland, text-only version – throwing decades of brand recognition in the trash.
The Investor Who Called It
Sardar Biglari saw the disaster coming.
The Iranian-born investor, who came to the U.S. as a child and built a successful business empire – including Steak ’n Shake and Western Sizzlin – wasn’t fooled by corporate buzzwords.
In October 2024, he sent a blistering seven-page letter to shareholders warning them that Cracker Barrel was “in perilous times.”
He called the rebrand an “obvious folly.”
He said the board was more focused on being nice to each other than fixing the actual problems.
He followed up with a 120-page presentation titled “CRACKER BARREL IS IN CRISIS,” packed with charts and numbers showing how far the company had fallen.
In 2011, Cracker Barrel made $167 million in operating income on $2.4 billion in sales.
By 2023, income had dropped to $121 million – even though sales had jumped to $3.4 billion.
“The problem lies not in the seating,” Biglari warned, “but in getting more people to sit in it.”
He practically begged shareholders to vote out two weak board members and replace them with himself and a former Getty Images executive.
But the board circled the wagons. They painted him as a nuisance. And on November 21, 2024, shareholders stuck with the current leadership.
Then the real damage began.
The Fallout Was Fast and Ugly
By August 2025, the rebrand rolled out.
The new logo hit stores. Millions were spent remodeling restaurants. And the backlash hit like a truck.
Customers were angry. Investors were disappointed. Cracker Barrel’s stock dropped again, just like Biglari predicted.
Chris Wunder, a restaurant industry executive, compared the makeover to “taking a vintage Chevy and installing clown rims and a neon paint job.”
Another investor simply said, “Maybe we should have let Sardar Biglari take over.”
Even Steak ’n Shake took a shot, posting “Fire the CEO” on X, mocking Cracker Barrel’s new design.
Leadership in Denial
The company’s DEI-heavy annual report and corporate double-speak may win praise in boardrooms, but it doesn’t fly in small-town America.
Instead of admitting they blew it, Cracker Barrel’s management keeps doubling down.
Masino and the board called the rebrand the “right path” and ignored the fact that the market keeps punishing them.
As Biglari put it, “The company’s $700 million remodel plan will not work.”
And now, everyone knows it.
Cracker Barrel didn’t fail because of inflation or the economy. It failed because management refused to listen.
They were handed a roadmap and set it on fire.
Now they’re learning what happens when you treat your best customers – and smartest investors – like an afterthought.
The opinions expressed by contributors are their own and do not necessarily represent the views of Nevada News & Views. This article was written with the assistance of AI. Please verify information and consult additional sources as needed.
