Classic American Restaurant's Shares Plummet 20% After CEO's Painful Admission - 'We're Just Not As Relevant'

Classic American Restaurant’s Shares Plummet 20% After CEO’s Painful Admission – ‘We’re Just Not As Relevant’

The Cracker Barrel Old Country Store restaurant chain isn’t doing well.

The company’s stock prices are at their lowest in over a decade, and the chain’s 660 stores have lost 16 percent of their customers over the past four years.

Cracker Barrel’s stock price at Friday’s market closing was $45.62, some 20 percent lower than the $57.27 price on May 16.

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The company, based in he Lebanon, Tennessee, has launched a three-year, $700 million upgrading of its restaurants, is altering its menu and is seeking a younger clientele.

But even its new CEO, who has been with the company for nine months, says Cracker Barrel is not as relevant as it once was.


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