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

Daily Mail ^

[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.

[frank ballenger]

About your tagline:
My dad had a Delta 88. That was a car. It was like driving your living room.

A comedian said the big cars of the 70s were so large that in an emergency, a single engine plane could land on a roof of one.

Great era.
I could swear one of the Pontiacs (1975 or so) was said to be the longest car. Now lists don’t mention it. The Grand Ville was 226 inches (Thunderbird 225.7 in 1976 was a whole .3 inch shorter. Shrimpy.)

https://www.motoringresearch.com/car-news/biggest-flamboyant-american-cars/

https://www.hagerty.com/media/opinion/klockau-classics/1975-pontiac-grand-ville-brougham-coupe-pontiacs-cadillac/#:~:text=The%201971%E2%80%9376%20GM%20B,

[frank ballenger]

an all you can eat weekday lunch special

A certain gourmand named Chris Christie is going nuts hearing about this stuff. Have mercy.

[Chode]

OH Yeah... can she really be that stooopid she dint know her words would tank the stock???

[x]

Have no fear.

Dylan Mulvaney will rescue the company.

[frank ballenger]

RE: I’d hit it

At least there are some constants we can hold onto in a changing, chaotically confusing world.

Our thanks go out to you.

[algore]

“Do they actually ‘teach’ dumbass in business school these days,” ?

https://www.businessinsider.com/the-rise-and-fall-of-mens-warehouse-history-photos-2020-8

I have not attended any business school, but my sister did in the late 80s she is kinda messed up, ok very. But at least it pays quite well.

And why would I shop at a store again after they fired the guy who guaranteed I would like it

[Jonty30]

It’s probably a generational things. The younger people would rather pack a lunch, which can mean take-out, to go to their activities than sit-down to focus on eating and socializing.

[MikelTackNailer]

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.

That's what's killing them - poor quality food at too high a price. I live right next to one and would rather open a can of something for dinner rather than deal with them again.

[BradyLS]

I like Waffle House, IHOP, Denny’s, Jim’s, local diners, Texas BBQ... Any place that offers a solid meal, clean environment, and some peace and quiet to enjoy it. I’m happy to try ethnic restaurants that meet the same standard.

I used to eat out a lot more but the pandemic and recession have limited my visits to places like that on the rare occassion

[lgjhn23]

“..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...”

^THAT^ right there is where the “rubber meets the road”. Their food used to be great with good portions. Now, it’s just sucky.
We travel quite often, and they used to be one of our favorite stops because we knew kinda what was on the menu, and that it was always pretty decent....now? Not so much. Ever since the covid scam, it’s been nothing but downhill. I guess the good help never returned, and they’re stuck with whatever they can hire.
Oh, and the gay thingy is definitely NOT helping considering their main clientele.
They should have concentrated on catering to their main customer base and improving the food laving the gay stuff alone.
Go woke, go broke.....classic case.

[Zhang Fei]

[About your tagline:
My dad had a Delta 88. That was a car. It was like driving your living room.

A comedian said the big cars of the 70s were so large that in an emergency, a single engine plane could land on a roof of one.

Great era.
I could swear one of the Pontiacs (1975 or so) was said to be the longest car. Now lists don’t mention it. The Grand Ville was 226 inches (Thunderbird 225.7 in 1976 was a whole .3 inch shorter. Shrimpy.)

https://www.motoringresearch.com/car-news/biggest-flamboyant-american-cars/

https://www.hagerty.com/media/opinion/klockau-classics/1975-pontiac-grand-ville-brougham-coupe-pontiacs-cadillac/#:~:text=The%201971%E2%80%9376%20GM%20B,]

---

Thanks for the links. People don’t appreciate these things until they’re gone. That’s the thing about these classics. Familiarity and age breed contempt. They fob them off on their kids as disposable heaps. Rust (and Big 3 unreliability) apart, it’s one reason you don’t see many of them on the roads any more. Takes decades and scarcity before these classic designs are treated with the respect they deserve. Contempt morphs into reverence.

[noiseman]

The pretentious glasses say it all.

[Flaming Conservative]

What an idiot. The reason the menu hadn’t changed in decades is because people LIKED it! Their new menu sucks, but hey as long as you milleniels get your preferred menu, that’s all that counts.

[alternatives?]

I have been wearing glasses since first grade. I detest people wearing them for show. Sort of like using a cane for spiffy.

[Mears]

Fake reading glasses……I’m confused .

………

[alternatives?]

You just described liberals.

[moviefan8]

One of the problems with restaurants now days is they are expensive, food is crap and in small amounts, and the service is nonexistant or poor.

I have never been to a Crackle Barrel and I doubt I would go after comments. Very poor leadership. She probably get a raise instead of pink slip.

[DoodleBob]

For openers, the picture is about 6 years old. Here is the latest pic.

Julie Felss Masino was named President and Chief Executive Officer for Cracker Barrel in July 2023 and assumed the position, along with an appointment to the Company’s Board of Directors, November 1, 2023.

A seasoned executive with a track record of success, Ms. Masino has more than 30 years of experience driving innovation and growth for globally loved and recognized restaurant and retail brands.

Ms. Masino previously served as the President, International of Taco Bell, a subsidiary of Yum! Brands, Inc. (NYSE: YUM) from January 2020 to June 2023. From January 2018 to December 2019, she served as President, North America of Taco Bell. Ms. Masino served as the President, SVP and GM Fisher-Price at Mattel, Inc. (Nasdaq: MAT) from April 2017 to January 2018. Prior to her service at Mattel, Ms. Masino served as the President and then the Chief Executive Officer of Sprinkles Cupcakes from 2014 to 2017. From 2002 to 2014, Ms. Masino served in various leadership roles at Starbucks Corporation (Nasdaq: SBUX). She began her professional career in corporate positions at a variety of retail companies, including Godiva Chocolatier, Coach, J. Crew, and Macy's.

She currently serves on the board of directors of Vivid Seats Inc. (Nasdaq: SEAT).

Ms. Masino has a Bachelor of Arts in communications from Miami University in Oxford, Ohio.

Finally the stock took a dive on May 17 because the company slashed its dividend.

[Dawgreg]

The best thing it had going for it was the gift shop.....imho

[SaveFerris]

(can she really be that stooopid)

I’m thinking she can be... and IS!

😆😂😱🙃🌝🤣🤣🤣