Death of an American commodity as CEO ruins her own company’s stock by announcing they are “not so relevant anymore”

Shares of an iconic American restaurant plummeted last week after the company’s CEO said the restaurant is no longer “relevant.”

Cracker Barrel, the Southern-themed restaurants with 662 locations nationwide, has been declining in popularity over the past decade, and its loyal clientele of seniors did not return after the pandemic.

The business slumped further when its chief executive, Julie Felss Masino, told investors: “We’re just not as relevant as we once were.”

While speaking on a call with investors, Masino, who took over as CEO nine months ago, admitted: “Some of our recipes and processes haven’t evolved in decades.”

Since the call, shares of the 54-year-old company have fallen nearly 20 percent.

On Thursday, Cracker Barrel traded as low as $45.35, a 52-week low that marked its lowest level in more than a decade.

The stock closed today at $45.67, down 2.1 percent from Masino’s comments.

Cracker Barrel’s annual dividend was cut from $1.30 per share to just 25 cents.

Last Thursday, the Southern restaurant announced plans to spend $700 million over the next three years to boost its popularity.

The restaurant rose to fame after its founding in 1969 when customers flocked to its all-American dishes, such as biscuits and gravy and fried chicken.

But as its footfall has plummeted in recent years, company management believes some of the restaurant’s problems can be fixed by updating the menu and marketing, as well as “refreshing the interior and exterior” with a “palette of different colors”.

Two of the stores have already been renovated with a makeover and another 10 are experimenting with a revamped menu.

Cracker Barrel is removing 20 traditional menu items and replacing them with dishes like “premium savory chicken and rice, slow-cooked stew, and shepherd’s pie with potato chip casserole.” New menu items will be showcased this fall.

However, management does not expect the costly rebrand to come to fruition until late 2026 and 2027.

Cracker Barrel has lost a significant 16 percent of diners over the past four years, and the trend continues.

“One of the main reasons the stock is down is that there wasn’t much of a plan,” Truist analyst Jake Bartlett told the newspaper. New York Post.

“They announced a plan for a plan, but did not give investors enough information to judge whether reinvesting in stores was a credible plan to address traffic losses.”

One particular obstacle the company faces is attracting young customers. “They have a lot of older consumers, so in the long run they’re going to have to move away from that consumer,” Bartlett said.

However, the company, which faced backlash for its anti-LGBT policies in the 1990s, has struggled to maintain its senior clientele while attracting Generation Z customers.

Last year, Cracker Barrel was accused of being “woke” when the restaurant covered its porches with rainbow-colored rocking chairs during Pride Month, and customers even boycotted the chain, which has locations in 45 states.

Cracker Barrel isn’t the only classic American chain struggling to attract customers. Iconic casual seafood chain Red Lobster filed for Chapter 11 bankruptcy protection earlier this week after closing nearly 100 restaurants.

The seafood chain, which has closed restaurants in 27 states, was struggling with rising leasing and labor costs in recent years and also with promotions like its iconic all-you-can-eat shrimp deal that turned out counterproductive.

Applebee’s has also been rapidly closing locations, with 35 closures this year alone.

The American barbecue chain, famous for its $10 burgers and ‘dollaritas’, closed 46 of its more than 1,500 locations due to ‘poor performance’ last year.

The franchise, which competes with companies like Waffle House and Denny’s, has been closing hundreds of restaurants since 2017.