CEO of Dying Cracker Barrel Plans to Spend $700 Million To Save the Iconic Restaurant

Cracker Barrel hopes that doling out $700 million to refurbish its restaurants will save the dying chain. The 6-point plan includes a makeover for stores, with brighter colors to make them less dated and a new logo and menus. New items on the more simplified menu include green chili cornbread and hash brown casserole shepherd’s pie. Two stores have already been refurbished and 10 others are testing a refreshed menu. CEO Julie Masino said that prices will also rise. The Southern country-themed restaurant, with 662 locations across the nation, has lost more than 15% of its customers in the past 4 years, and the trend is ongoing. A falling customer base has led to stores shutting and bosses developing plans to turn things around. Masino told investors last week than the chain is not as relevant as it once was. One of the key challenges is to attract younger customers, since Cracker Barrel’s most loyal customers are 65 and over.