Posted on 05/23/2024 8:08:46 PM PDT by algore
An iconic American eatery's stock has plummeted in recent week after the company's CEO said the restaurant is no longer 'relevant'.
Cracker Barrel, the Southern country-themed restaurants with 662 locations across the nation, has been diminishing in popularity over the past decade - with its loyal clientele of elderly people failing to return after the pandemic.
The business tanked even more when its chief executive Julie Felss Masino told investors, 'We're just not as relevant as we once were.'
While speaking on an investor call, Masino, who took over the CEO position nine months ago, admitted, 'Some of our recipes and processes haven't evolved in decades.'
Since the call, the 54-year-old company's shares fell by nearly 20 percent.
On Thursday, Cracker Barrel traded as low as $45.35 - a 52-week low that marked its lowest level in over a decade.
The stock closed today at $45.67 - down 2.1 per cent since Masino's comments.
Cracker Barrel's yearly dividend was slashed 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 drive up its popularity.
The restaurant rose to prominence after it was founded in 1969 as patrons flocked to its all-American dishes, like biscuits and gravy and fried chicken.
(Excerpt) Read more at dailymail.co.uk ...
Local op’s entryway is jammed with merchandise in the way of customers seeking a decent meal - who also can barely hear each other over THE VERY LOUD MUSIC.
Quality control of kitchen output is POOR. Wide variation between any two dinner plates of the same entre/meal. High rate of failing to cook meat, chicken, bacon.
wanton destruction of corporate value...
I enjoy Cracker Barrel. I appreciate their Americana theme but have never bought anything other than meals.
I think they can still be relevant. Above all else, make sure the meals are tasty and reasonably priced.
Appeal to adults. Not to kids. Kids should be welcome but keeping the atmosphere a bit stodgy discourages bad behaviour. I like them because I see them as “ports in the storm” with good food.
...I inow. Nothing beats home and nothing ever will. Like I said, I like them. I think America needs a solid restaurant chain. Stay out if the big cities. Choose safe suburbs to open restaurants.
Must be true, she’s wearing the Glasses of Smartness
I’ve never even seen a ‘cracker barrel’ restaurant... I guess they aren’t in Cali?
Hat tip and 2 thumbs up.
Poor communication skills. You never knock your own products and services publicly. You can recognize your areas of improvement, create new products and services and promote them to bring customers back.
Or maybe she gets stock options that will vest if she can bring the stock price back up in 5 years, in which case knock it down now and build it back up and stuff your pockets.
DEI in executive row. A photogenic female. Reminds me of Bud Lite. There is a reason why experience matters.
Cracker Barrel has always struck me as expensive, and I never liked half the building being loaded up with overpriced trinkets that they tried to peddle while you were waiting. I remember adding a side of carrots adding $2.50 to the bill before the pandemic. The food was fine, however.
Our family does sit down meals together ALL the time. It's one of the great things about being a family.
“chief executive Julie...Never a good sign.”
Generally the case, but she appears “not guilty” - however, I haven’t been able to tell whether she has a husband or a ‘partner’.
Used to like them,but the ones further south,got attitudes.I don’t go there anymore.
Funny, sounds like the CEO doesn’t give a damn about Cracker barrel.
Marie Harf’s cousin?
Problem glasses....
Poor leadership at the top. Smack talking your own company is a loser. She needs to go away.
I’m meaning restaurant-wise. They wouldn’t be going out of business like they are if people were sitting down in a restaurant like they used to.
Not lately, no.
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