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.

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

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."

The university had used a "Fighting Irish" logo since 1964, but launched a new logo for its football team days before the football season begins.

Cracker Barrel hosted a pop-up event in Manhattan that included line dancing and live country music as it faces criticism for its new simplified logo design.

Cracker Barrel's new, simplified logo is drawing criticism from some customers. The chain unveiled a new logo on Tuesday.