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.

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."

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.