Cracker Barrel’s Disastrous Logo Rebrand Reversal - Go Woke, Go Broke!

Cracker Barrel Old Country Store’s ill-fated attempt to modernise its iconic logo and brand identity has ended in a humiliating retreat, with the company recently announcing a reversal to its classic “Uncle Herschel” logo after a $100 million market value wipeout. The August 2025 rebrand, which ditched the beloved barrel and folksy aesthetic for a sterile, text-only design, sparked fierce customer backlash and proved the adage “go woke, go broke.” Despite warnings from major investor Sardar Biglari in 2024, the board’s catastrophic misstep under CEO Julie Felss Masino demands a leadership overhaul to restore trust and drive a share price recovery.

The Rebrand Debacle: A Betrayal of Cracker Barrel’s Roots

Cracker Barrel launched its “All the More” campaign, spearheaded by CEO Julie Felss Masino, aiming to make the 56-year-old Southern chain more “relevant.” The centrepiece was a new logo that replaced the nostalgic image of an old man in overalls leaning against a barrel with a bland, yellow-backed text design. The move obliterated the brand’s rustic charm, infuriating customers who cherished its Americana heritage. Social media erupted, with posts from figures like Donald Trump Jr. and the “End Wokeness” account (nearly 4 million followers) slamming the “woke” redesign. Even the Democratic Party’s X account called it a flop. The fallout was immediate: shares crashed up to 15%, erasing nearly $100 million in market value in a single day, with trading volume spiking to four million shares against a daily average of one million.

Ignoring Investor Warnings: A Board’s Fatal Flaw

The board’s decision to push the rebrand ignored explicit warnings from major investor Sardar Biglari, who, in 2024, issued four scathing critiques, including a 120-page slide deck titled “CRACKER BARREL IS IN CRISIS.” Biglari, a significant shareholder and Steak ‘n Shake owner, warned that the “obvious folly” of the rebrand would alienate Cracker Barrel’s core audience. He highlighted the stock’s decline from $180 in 2018 to around $55 by August 2025, noting that a $100 investment in 2019 was worth just $30 by 2024. The board dismissed his concerns, approving a $700 million transformation plan that included modernised decor and menu changes, further eroding the brand’s identity.

Going Woke, Going Broke: A Reversal Too Late?

The phrase “go woke, go broke” rang true as customers boycotted the chain, likening the rebrand to Bud Light’s 2023 marketing disaster. Marketing experts, like David E. Johnson of Strategic Vision PR Group, called the logo a “flop,” warning that legacy brands must preserve their cultural core. Carreen Winters of MikeWorldWide noted that in a polarised climate, even neutral changes can spark political backlash. Facing mounting pressure, including calls from country singer John Rich and President Donald Trump to revert the logo, Cracker Barrel announced in 2025 that it would restore the original “Uncle Herschel” design. While the reversal is a step toward appeasing fans, the damage to the brand’s reputation and finances lingers.

The Path Forward: Sack the CEO and Board for a Stock Surge

Restoring the logo is not enough—Cracker Barrel’s board and CEO Julie Felss Masino must be held accountable for the rebrand’s failure. Their refusal to heed Biglari’s warnings and their misjudgment of the brand’s customer base triggered a preventable crisis. Sacking Masino and overhauling the board could signal a commitment to restoring Cracker Barrel’s heritage, rebuilding customer trust, and boosting investor confidence. The stock, at $55.42 in August 2025 (up 7% year-to-date but far below its $180 peak in 2018), could see a significant rally with decisive leadership changes and a return to the brand’s roots.

Conclusion: A Lesson in Leadership Failure

Cracker Barrel’s logo rebrand disaster, now reversed, underscores the perils of straying from a brand’s cultural identity. The board’s dismissal of Sardar Biglari’s 2024 warnings led to a $100 million market value loss and a PR nightmare. While reinstating the classic logo is a positive move, the damage demands accountability. Firing CEO Julie Felss Masino and replacing the board are critical steps to restore Cracker Barrel’s legacy and drive a share price recovery. This American icon can reclaim its place in customers’ hearts and investors’ portfolios—but only with leadership that respects its heritage.

Whither The July Retail Sales Figures? - ONS Delays Publication

 

The ONS, the thoroughly useless and ridiculed statistical agency that revises figures on a daily basis, has managed to destroy its reputation even further by delaying the publication of the July retail sales figures.

Apparently, according to the ONS, the delay is to allow for further quality assurance.

The real reason, so I am led to believe, is that the figures are so appalling that no one in the government has the guts to release them. 

UK Inflation Hits 3.8% in July 2025: A Dreadful Surge Amid Failed Forecasts and Policy Missteps

In a stark reminder of the ongoing economic pressures facing British households, the latest UK inflation figures released on August 20, 2025, reveal a concerning uptick. The Consumer Price Index (CPI) rose to 3.8% in the 12 months to July 2025, up from 3.6% in June—the highest level since January 2024. This hotter-than-expected reading has dashed hopes for swift relief from high prices, underscoring the fragility of the UK's recovery post-pandemic and amid global uncertainties. As families grapple with rising costs, this article delves into the causes behind the increase, the glaring failure of economic experts to predict it, and the inevitable slowdown in Bank of England interest rate cuts.

Understanding the Latest UK Inflation Figures

The Office for National Statistics (ONS) data, published today, paints a grim picture for the UK economy. CPI inflation climbed to 3.8%, surpassing market expectations of 3.7% and even edging above the Bank of England's (BoE) forecast of around 3.76%. This marks the second consecutive month of rising inflation, reversing the downward trend seen earlier in the year when rates dipped below 3%.

Key highlights from the July 2025 data include:

- Monthly CPI Increase: Prices rose by 0.2% from June to July, driven by seasonal and sector-specific factors. 

- Comparison to Previous Periods: Up from 3.6% in June 2025 and significantly higher than the 2% target set by the BoE. 

- Broader Economic Context: This surge comes despite earlier optimism, with inflation now projected to peak at 4% in September before potentially easing.

For everyday consumers, this translates to higher bills for essentials, eroding purchasing power and fuelling discontent across the nation.

Causes of the UK Inflation Increase: Spotlight on Rachel Reeves' Budget

While external factors like global supply chain disruptions and energy volatility play a role, the July spike is attributed to a mix of domestic and international pressures. Notably, sharp rises in airfares, food costs, and fuel prices were the primary culprits, according to the ONS. Airfares alone surged due to summer demand and lingering airline recovery issues, while food inflation ticked up amid poor harvests and import challenges.

However, a significant domestic contributor has been the fiscal policies outlined in Chancellor Rachel Reeves' spring statement and anticipated autumn budget measures. Delivered in March 2025, Reeves' spring budget emphasised growth through targeted spending but avoided immediate tax hikes, forecasting average inflation at just 3.2% for the year. Critics argue that this approach—coupled with plans for significant tax rises in the upcoming autumn budget—has injected uncertainty and upward pressure on prices.

Reeves' strategy, which includes trimming spending in some areas while maintaining fiscal rules, has been linked to higher borrowing costs and a slowdown in growth, indirectly fuelling inflation. For instance, increased government spending on public services and infrastructure, without corresponding revenue boosts, has stimulated demand at a time when supply remains constrained. This fiscal loosening echoes past policy errors, where expansionary budgets have historically amplified inflationary trends. Additionally, the bond market's reaction to Reeves' plans has raised debt servicing costs, passing on higher expenses to consumers and businesses.

Other causes include: 

- Energy and Commodity Prices: Lingering effects from global events, pushing up household bills. 

- Wage Growth: Persistent pay increases in key sectors, adding to cost-push inflation. 

- Supply Chain Issues: Post-Brexit frictions and international trade tensions exacerbating import costs.

These factors, amplified by Reeves' budget decisions, have created a perfect storm for price rises.

The Failure of Experts and Economists to Predict the Rise

As usual, the so-called "experts" and economists have been caught off guard by this inflation surge. Forecasts from the BoE and market analysts pegged July's rate at 3.7% or lower, underestimating the impact of real-world price pressures that ordinary people have been vocal about for months. Social media and public sentiment have long highlighted skyrocketing grocery bills and travel costs, yet these warnings were dismissed in favour of optimistic models.

This isn't an isolated incident. Earlier in 2025, the BoE's Monetary Policy Report projected a milder trajectory, with CPI expected to hover around 3.5% in Q2 before easing. Independent forecasters, including those from the National Institute of Economic and Social Research (NIESR), anticipated inflation remaining above 3% but failed to account for the July acceleration. The disconnect stems from overreliance on outdated data and models that ignore grassroots economic signals, such as consumer complaints about everyday expenses.

In contrast, anecdotal evidence from shoppers and small businesses has consistently pointed to persistent price hikes, proving once again that "everyone else" often has a better grasp of on-the-ground realities than ivory-tower predictions.

Bank of England Forced to Curtail Interest Rate Decreases

The hotter inflation print has immediate implications for monetary policy. Just weeks after cutting the base rate to 4% in early August—the first reduction since March 2023—the BoE now faces pressure to pause further cuts. Economists warn that persistent inflation above 3% could delay the path to the 2% target, potentially pushing rate reductions into late 2025 or beyond.

The BoE's own projections indicate inflation peaking at 4% in September, but today's data raises the risk of even higher figures, denting hopes for aggressive easing. This curtailment means higher borrowing costs for mortgages, loans, and businesses, prolonging the squeeze on households. As one analyst noted, "Sticky UK inflation" could force the BoE to maintain a hawkish stance longer than anticipated.

Conclusion: Navigating the Road Ahead for UK Inflation

The July 2025 inflation figures are a wake-up call for policymakers, highlighting the dangers of fiscal policies like those in Reeves' budget that fail to tame demand-side pressures. With experts once again proven wrong and the BoE likely to slow rate cuts, UK consumers face a tougher winter. To combat this, targeted measures—such as supply-side reforms and prudent spending—are essential. Stay tuned for updates as the autumn budget approaches, which could either alleviate or exacerbate these trends.

For more on UK inflation trends, expert failures, and economic policy impacts, follow my coverage on rising costs in 2025.

Bank of England Cuts Interest Rates to 4.00% as Economy Slows

The Bank of England’s Monetary Policy Committee (MPC) announced today a 25 basis point cut to the UK base rate, bringing it from 4.25% to 4.00%. The decision, revealed at midday, reflects growing concerns over economic weakness despite persistent inflationary pressures, marking the fifth reduction in the current easing cycle that began in August 2024.

The MPC’s move was widely anticipated by economists, with market pricing and expert forecasts pointing to a cut as Britain’s economy contracted for two consecutive months in April and May 2025. Official figures from the Office for National Statistics (ONS) reported a 0.1% GDP contraction in May, following a 0.3% decline in April, alongside a rise in unemployment to 4.7%—the highest in nearly four years. These indicators, coupled with weakening business confidence and a slowdown in wage growth, tipped the scales in favour of easing monetary policy to stimulate growth.

However, the decision was not unanimous, reflecting the delicate balance the MPC is navigating. Inflation, which rose to 3.6% in June 2025 from 3.4% in May, remains well above the Bank’s 2% target. External pressures, including geopolitical tensions in the Middle East and the impact of US trade policies under President Donald Trump, have fuelled concerns about oil prices and potential inflationary shocks. Despite these risks, the MPC prioritised economic growth, with Governor Andrew Bailey signalling earlier in July that larger cuts could be considered if the labour market showed further signs of deterioration.

The vote was expected to be contentious, with analysts predicting a potential three-way split among the nine-member committee. At the June 2025 meeting, three members—Swati Dhingra, Dave Ramsden, and Alan Taylor—voted for a cut to 4.00%, while six favoured holding rates steady. Today’s decision saw a narrower majority, with some members, including Catherine Mann, likely advocating for no change due to inflation concerns, and others, such as Dhingra, possibly pushing for a more aggressive 50 basis point cut.

Economic Context and Rationale

The MPC’s decision comes against a backdrop of mixed economic signals. While inflation remains a concern, the Bank expects it to peak at 3.7% in September before gradually declining through late 2025 and into 2026, as the impact of earlier shocks, such as Trump’s tariffs and April’s increases in employers’ National Insurance contributions and the National Minimum Wage, fades. The committee emphasised a “gradual and careful” approach, consistent with its pattern of quarterly 25 basis point cuts over the past year.

Tom Stevenson, investment director at Fidelity International, noted the MPC’s challenge: “The UK economy contracted sharply in April, wage growth has slowed, and unemployment is creeping up. There’s a clear case for lowering borrowing costs to kick-start growth. Yet, inflation at 3.6% and rising oil prices due to Middle East tensions complicate the outlook.”

Implications for Consumers and Businesses

The rate cut is expected to provide some relief to borrowers, particularly those with mortgages. The average two-year fixed-rate mortgage has already fallen to 5.02%, and the five-year deal to 5.01%, significantly lower than their peaks of 6.85% and 6.37% in August 2023. Further reductions in borrowing costs could make homeownership more affordable, potentially boosting the housing market, which has seen a recent uptick in prices.

However, savers may face challenges as savings rates, which tend to correlate with the base rate, are likely to decline further. Best-buy cash accounts have already seen rates drop since last summer, with some providers introducing temporary bonuses to attract deposits.

For businesses, particularly those with international operations, the cut could weaken the pound, impacting currency-sensitive transactions. A weaker GBP may reduce profit margins for firms repatriating overseas earnings but could enhance competitiveness for UK exporters.

Looking Ahead

Economists remain divided on the pace of future cuts. ING and the International Monetary Fund (IMF) predict one additional cut in November, bringing the base rate to 3.75% by year-end, while Deutsche Bank forecasts three cuts, potentially lowering the rate to 3.5% by December. Pantheon Macroeconomics, however, expects only one more cut this year, citing persistent inflationary pressures.

The MPC’s next meeting on September 18, 2025, will be closely watched for signals of further easing. With inflation expected to remain above target for the remainder of 2025 and external risks like Middle East conflicts and US tariffs looming, the committee’s cautious approach is likely to persist.[](https://moneyweek.com/economy/when-is-the-next-bank-of-england-interest-rate-mpc-meeting)[](https://commonslibrary.parliament.uk/research-briefings/sn02802/)

George Vessey, lead strategist at Convera, suggested that today’s cut may not be followed by strong commitments to further reductions: “With inflation surprising to the upside, the MPC is unlikely to pre-commit to more easing after today.”

Conclusion

Today’s decision underscores the Bank of England’s attempt to balance economic growth with inflation control in an uncertain global environment. While the rate cut offers a lifeline to borrowers and may stimulate economic activity, the MPC’s gradual approach reflects ongoing concerns about inflation and external shocks. As the UK navigates a stuttering economy, all eyes will remain on the Bank’s future moves to gauge the trajectory of monetary policy in 2025 and beyond.

How Markets Work

🤣 Never forget when my friend Jamie, a LIFFE floor trader, was asked to explain the markets he was trading, during an interview..

Actual Quote -

"See that number? That's the bund. It has got some shit to do with Germany but all you need to know is it goes up and down and…

— PiQ (@PiQSuite) August 3, 2025