Shares of Cracker Barrel Old Country Store plummeted roughly 10% on Thursday after the restaurant unveiled its new logo earlier this week as part of a larger brand refresh.

Steak 'n Shake criticized Cracker Barrel's new logo change, accusing the restaurant chain of abandoning its heritage by removing its "old-timer" character.

At the heart of the changes was the removal of a man leaning against a barrel and the phrase "old country store" from the restaurant's logo, CNBC's Ali McCadden reports. Right-wing social media voices railed against the update, with one prominent conservative activist saying that the company would "learn that wokeness really doesn't pay."

According to NBC News, a spokeswoman from Notre Dame said that the creation of the new logo started in 2024.

CEO Julie Felss Masino defends Cracker Barrel's controversial rebranding efforts amid widespread social media criticism calling the changes generic