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 ...
Seeing the CEO answers a lot of questions.
CB used to be a relatively inexpensive, decent family meal, with traditional stuff that you went back for. Much of the traditional stuff is gone, replaced by trendy stuff that only those that wouldn’t be caught dead in a CB would eat. The traditional items left are way more expensive and the quality has gone way down - for example, their hamburger steak used to taste like sirloin steak, now tastes like a hamburger pattie. The Friday fish fry used to be cod, now an unnamed “white fish”.
I have it on good authority from a former CB employee that one of their problems is that they don’t pay well. So new cooks are constantly coming in as the previous ones move on to greener pastures, and the food quality suffers as a result.
Still a good place to get breakfast, but anything else has gone way down hill.
If the big wigs in the company don’t care, them turn it over to someone who gives a sh!t.
I like the place, even though they don’t have hash.
They need to do something about the quality of their food. Last couple of times I went to CB, I was not impressed.
We go to restaurants a together a lot. We enjoy each other’s company. We also eat meals together at home.
Maybe stop selling all the trashy kitsch in the stores. And clean up the restrooms. They’re filthy, and didn’t use to be.
Fauci and friends destroyed all that.
And by using our tax dollars to do it.
Nuremberg II.
Photo....
When I wear these glasses I feel so, you know, intellectual. They’re just plain, not prescription.
Wearing fake glasses has never been more popular. The fake glasses trend is exactly what it sounds like: folks who don’t need corrective lenses are donning eyewear as a fashion accessory and making a bold style statement.
Depending on the style you select, a pair of fake reading glasses can make you look smart, cool, hardworking, industrious, mindful, and honest. Fake glasses are a great way to express your individuality and your personal style, adding a unique final touch to your look. Fake glasses for women and for men are a top fashion consideration.
This women has no business running a brand such as Cracker Barrel. If she does not understand the brand, she should step down. Cracker Barrel is a great brand. It could use a bit of updating. It could sell Keto Dishes. It could add new things to its store. It has a great breakfast. It just needs to modernize a bit. Be a little less carby.
(Starbucks)
Now it makes sense.
Do they actually ‘teach’ dumbass in business school these days, or is this yet more evidence of the ‘true pandemic’???
America needs a solid restaurant chain.
<_________________
Waffle House?
Exactly what I was thinking
Louisville Slugger?
There’s a substantial amount of idiocy in corporate America these days.
Cracker Barrel managed to offend many of its customers several years ago when it pulled a number of Duck Dynasty products from their gift shops. They said they pulled the products because they did not want to offend their customers due to “anti-gay” comments made by one of the stars of the show. However, many customers were angry about the products being removed from the shops. Within a short time, CrackBarrel reversed its decision and put the products back in the stores.
In “Idiocracy” he would have been the corporate destroyer.
In our Idiocracy Reality, he actually is.
I wonder what the stockholders make of this. Or the FTC. Doesn’t she have a responsibility to maximize profitability? I mean, I know, she’s a girl, and girls can just do whatever the hell they want, but still.
In the 80’s there was one east of Sacramento near Lake Folsom. That was the only one around until we roamed around the South. Decent place.
“She looks like she is wearing the glasses with the fake nose (which would be appropriate).”
And they’ll keep on functioning like this. They’ll gather those around them that validate and agree with them–these people are prizes to them because they support their special view of themselves. So they’ll rally their minions, and they’ll all agree with one another, creating a mean little clique that feeds off each other’s negativity and cruelty. They have to. It’s how they survive. And it’s how they will undoubtedly function throughout their lives, unless they do some serious soul searching.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.