Steak ‘N Shake calls for the termination of Cracker Barrel’s CEO and reveals MAGA-inspired hats

Cracker Barrel Faces Criticism Over Logo Change

There’s more than just beef on the menu at Cracker Barrel these days.

One of the major investors in the chain, Steak ‘n Shake CEO Sardar Biglari, has expressed his discontent with Cracker Barrel’s Chief Executive Julie Fels Masino after the company’s recent rebranding efforts led to plummeting stocks and upset loyal patrons.

This week, Biglari, who holds nearly 10% of Cracker Barrel’s shares, took to social media, posting a picture of a red MAGA-style hat that included the phrase “Firecracker Barrel CEO.” He didn’t hold back, stating, “Biglari was right about everything.”

The online ribbing followed Cracker Barrel’s decision to drop its traditional logo, which featured the beloved “old timer” character, in favor of a more modern but, perhaps, less relatable design.

In another post, Steak ‘n Shake criticized the new leadership, suggesting Masino should be ousted—echoing Trump’s famous line from “The Apprentice.” Biglari has been vocal about his issues with Cracker Barrel for months, describing its revamped $700 million look as “bland” and a “waste of money.”

In a letter to shareholders, he warned that replacing Americana-themed decor with modern furnishings was unlikely to boost foot traffic. He remarked, “I don’t think changing furniture and decorations will change the company’s trajectory,” accusing the management of failing to honor the brand’s roots.

After the rebranding debacle, which resulted in a $143 million loss in market value before the logo was reverted, Biglari claimed the logo reversal indicated deeper issues within the company.

He urged Cracker Barrel to redirect funds towards lowering prices and supporting families, while also advocating for a return to daily fresh biscuits. “Launch the CEO!” read one rival’s commentary.

Initially, the company brushed off critics as a “vocal minority” but eventually promised to bring back the old logo. However, this entire situation has left investors feeling uneasy.

Since taking the reins in 2023, Masino now finds herself in a challenging position as both Wall Street and everyday customers question her vision for the chain.