Shares of Cracker Barrel Old Country Store plummeted roughly 10% on Thursday after the restaurant unveiled its new logo earlier this week as part of a larger brand refresh.

Chicago artist Cody Hudson is the mind behind the first ever collaboration between the Chicago Bulls and the Museum of Contemporary Art.

At the heart of the changes was the removal of a man leaning against a barrel and the phrase "old country store" from the restaurant's logo, CNBC's Ali McCadden reports. Right-wing social media voices railed against the update, with one prominent conservative activist saying that the company would "learn that wokeness really doesn't pay."

According to NBC News, a spokeswoman from Notre Dame said that the creation of the new logo started in 2024.

Cracker Barrel hosted a pop-up event in Manhattan that included line dancing and live country music as it faces criticism for its new simplified logo design.

Cracker Barrel's new, simplified logo is drawing criticism from some customers. The chain unveiled a new logo on Tuesday.