Cracker Barrel shed almost $200 million in market value after its stock plunged Thursday following the release of a new logo. The new design eliminates a longstanding drawing of an overall-clad man leaning against a barrel, in favor of a cleaner logo featuring just the chain's name.

Shares of Cracker Barrel fell as much as $8.74, or almost 15%, in Thursday trading, shaving as much as $194.6 million from the company's market value. The stock regained some ground in early afternoon trading, with shares down $8.19, or 13.9%, to $50.84.

Wall Street's reaction to the logo redesign comes as Cracker Barrel has been working to refresh its image through new menu items and redecorated stores that eschew the 55-year-old chain's old-timey approach in favor of a more modern look.

Cracker Barrel lo

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