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."

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.

Conservative critics saw the decision to remove the man in the logo, long known as Uncle Herschel, as an attempt by corporate executives to strip the chain of its history and character. That the CEO is a woman, Julie Felss Masino, only further fanned the outrage in some circles.

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.

Restaurant chain accused of going ‘woke’ and ‘scrapping a beloved American aesthetic’ by simplifying branding to remove folksy southern character from its signage

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