Death of American staple as CEO tanks her own company’s stock by announcing they’re ‘not as relevant’ anymore

Shares of an iconic American eatery have tumbled over the past week after the company’s CEO said the restaurant is no longer “relevant.”

Cracker Barrel, the Southern country-themed restaurant with 662 locations across the country, has declined in popularity over the past decade, with its loyal customer base of seniors not returning after the pandemic.

The company declined even further when CEO Julie Felss Masino told investors, “We’re just not as relevant as we once were.”

During an investor call, Masino, who took over as CEO nine months ago, admitted: “Some of our recipes and processes haven’t evolved in decades.”

Since the call, shares of the 54-year-old company have fallen nearly 20 percent.

On Thursday, Cracker Barrel was trading as low as $45.35 – a 52-week low that marked the lowest level in more than a decade.

The stock closed today at $45.67, down 2.1 percent since Masino’s comments.

Cracker Barrel’s annual dividend was cut from $1.30 per share to just 25 cents.

Last Thursday, the Southern eatery announced plans to spend $700 million over the next three years to boost its popularity.

The restaurant rose to prominence after it was founded in 1969 as customers flocked to its all-American dishes such as biscuits and gravy and fried chicken.

But with visitor numbers plummeting in recent years, company management believes some of the restaurant’s problems can be solved by revamping its menu and marketing, and by “refreshing the interior and exterior” with a ‘different color palette’.

Two of the stores have already been renovated with a makeover and 10 others are experimenting with a new menu.

Cracker Barrel is eliminating 20 items from its traditional menu and replacing them with dishes such as “Premium Savory Chicken and Rice, Slow Braised Pot Roast and Hashbrown Casserole Shepherd’s Pie.” The new menu items will be presented this fall.

Shares of Cracker Barrel have plummeted over the past week after the company’s CEO said the restaurant is no longer ‘relevant’

The company plummeted even more when CEO Julie Felss Masino told investors: ‘We’re just not as relevant as we once were’

However, management does not expect the expensive brand name to bear fruit until late 2026 and 2027.

Cracker Barrel has lost a significant 16 percent of its diners over the past four years, and this trend is continuing.

“A big reason the stock price has fallen is because there wasn’t really a plan,” Truist analyst Jake Bartlett told the newspaper. New York Post.

“They announced a plan for a plan, but they didn’t give investors enough information to assess whether reinvesting in the stores was a credible plan to address the traffic losses.”

A particular obstacle the company faces is attracting young customers. “They have a lot of senior consumers, so in the long run they have to migrate away from that consumer,” Bartlett said.

However, the company, which faced backlash in the 1990s for its anti-LGBT policies, has struggled to retain its senior clientele while bringing in Gen Z customers.

Last year, Cracker Barrel was accused of being “woke” when the restaurant lined its porches with rainbow-colored rocking chairs during Pride Month — and customers even boycotted the chain, which has locations in 45 states.

Cracker Barrel has lost a significant 16 percent of its diners over the past four years, and the trend continues

Cracker Barrel isn’t the only classic American chain struggling to attract customers. Iconic casual seafood chain Red Lobster filed for bankruptcy protection earlier this week after closing nearly 100 restaurants.

The seafood chain, which has closed restaurants in 27 states, has struggled in recent years with rising rent and labor costs, as well as promotions like its iconic all-you-can-eat shrimp deal that backfired.

Applebee’s has also been rapidly closing locations — with 35 closures this year alone.

The American grill chain, famous for its $10 burgers and ‘dollaritas’, closed 46 of its more than 1,500 locations last year due to ‘underperformance’.

The franchise – which competes with the likes of Waffle House and Denny’s – has closed hundreds of restaurants since 2017.