Cracker Barrel Old Country Store (NASDAQ:CBRL) said on Monday that David Deno will become its next chief executive, succeeding Julie Masino, sending shares of the restaurant chain down nearly 5% in morning trading. Masino will step down as CEO and director but will stay on in an advisory capacity through October, the company said.
Cracker Barrel said Chief Executive Julie Masino is stepping down, effective Aug. 10, and will be replaced by David Deno. Masino will remain with Cracker Barrel in an advisory capacity until Oct. 9.
Cracker Barrel CEO Julie Felss Masino is stepping down after the failure of her “woke” rebrand last year.
Cracker Barrel said Chief Executive Julie Masino is stepping down, effective Aug. 10, and will be replaced by David Deno. Masino will remain with Cracker Barrel in an advisory capacity until Oct. 9.
Cracker Barrel Old Country Store is bidding farewell to the Maple Street Biscuit Company.
The chain also completed a sale-leaseback deal involving 26 company-owned locations.
The restaurant chain sold 35 Maple Street locations and will close 16 others while raising $77 million through a property deal to help pay down debt.
CBRL is streamlining its business through asset sales, debt reduction and a sharper focus on the core brand to support long-term growth.
Cracker Barrel Old Country Store (CBRL) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, CBRL crossed above the 20-day moving average, suggesting a short-term bullish trend.
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Inflationary food costs and soaring hourly wages have created a highly challenging environment for legacy restaurant sector operators. Market sentiment heavily favored a complete collapse for older dining brands, seemingly unable to adapt to macroeconomic headwinds.