Overview

• Shares fell as much as 15% on Thursday, briefly erasing about $100 million in value before closing down 7.2%, with a small rebound reported on Friday.
• The update removes the illustrated man and the words “Old Country Store,” replacing them with a simpler wordmark in the brand’s gold and brown as part of a $700 million modernization.
• Executives say the brand’s values are unchanged and note that “Uncle Herschel” remains featured in restaurants and on the menu, with the CMO calling remodel feedback largely positive and critics a “vocal minority.”
• Conservative figures including Donald Trump Jr., Rep. Byron Donalds, Chris Rufo, and John Rich denounced the change as “woke,” while the Democratic Party and California Gov. Gavin Newsom’s press office also mocked the redesign, and rival Steak ’n Shake piled on.
• The rebrand rolls out under the “All the More” campaign with refreshed interiors, new menu items, and a Jordan Davis spot, as analysts track potential sales effects ahead of mid-September earnings.