Cracker Barrel Stock Is in Freefall and CEO Is in the Hot Seat

It took executives at Cracker Barrel Old Country Store Inc. eight days to reverse their controversial decision to overhaul their logo. It’s taking far longer to undo the damage.

Two months after Uncle Herschel was inserted back into the logo, shares of the restaurant chain keep falling, day after day, bringing its total wipeout this year to about 32%. That puts it on the cusp of eclipsing its 36% plunge during the financial crisis in 2008.

Chief Executive Officer Julie Felss Masinohad removed the overalls-clad character as part of her push to revive a fading 50-year-old brand. It ...