Business
Cracker Barrel scraps new logo after backlash
US restaurant chain Cracker Barrel has abandoned plans to adopt a new logo following fierce backlash.
“We thank our guests for sharing your voices and love for Cracker Barrel. We said we would listen, and we have. Our new logo is going away and our ‘Old Timer’ will remain,” the company said in a social media post.
Cracker Barrel received criticism after it unveiled a modern version of its logo which scrapped the “Old Timer” figure.
President Donald Trump, who was among those slamming the rebrand, applauded the reversal, saying: “Congratulations ‘Cracker Barrel’ on changing your logo back to what it was. All of your fans very much appreciate it”.
The new version of the logo, which was unveiled along with a new menu on 19 August, removed the image of a man sitting in a chair and leaning against a barrel – known as the “Old Timer” – and replaced it with an emblem featuring only the chain’s name.
That sparked accusations that the company, known for its Southern-style comfort food and nostalgic atmosphere, was abandoning its roots.
President Trump urged the brand to return to its old logo, and “admit a mistake based on customer response (the ultimate Poll), and manage the company better than ever before”.
He said the chain has “got a Billion Dollars worth of free publicity if they play their cards right”, adding: “Make Cracker Barrel a WINNER again”.
David Johnson, CEO of branding agency Strategic Vision PR Group, told the BBC’s US partner CBS that the rebrand was a “flop”.
“What they did wrong is they went against their brand story, which was the old logo, that reflected the southern, whimsical atmosphere in the stores.”
Shares in the company nosedived by around 7% following the announcement.
In its statement on X announcing the reversal on Thursday evening, the company said: “At Cracker Barrel, it’s always been – and always will be – about serving up delicious food, warm welcomes, and the kind of country hospitality that feels like family. As a proud American institution, our 70,000 hardworking employees look forward to welcoming you to our table soon.”
Founded in 1969 in Lebanon, Tennessee, there are now more than 600 Cracker Barrel restaurants across the US. Stores typically have a front porch with rocking chairs, and a gift shop.
Restaurants serve Southern-style food such as mashed potatoes, hash brown casserole and macaroni and cheese.
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UniQure needs to run another study to prove that its gene therapy “actually helps people with Huntington’s disease,” a senior U.S. Food and Drug Administration official said on a call with reporters Thursday.
The official, who requested anonymity before discussing sensitive information, confirmed the agency has asked the company to run a placebo controlled trial of its treatment, which is administered directly into the brain. UniQure has said that type of study isn’t ethical because it would require putting people under general anesthesia for hours, a characterization the official disputed.
“So what is really going on? UniQure is the latest company to make a failed therapy for Huntington’s patients,” the official said. “They likely acknowledge or understand at some deep level that their trial failed years ago, and instead of doing the right thing and running the correct clinical study, UniQure is performing a distorted or manipulated comparison in the mind of FDA.”
The comments mark the latest development in a messy public spat between UniQure and the FDA, and as the agency comes under fire for a number of recent drug approval application rejections, including some where companies have accused it of going back on previous guidance. FDA Commissioner Marty Makary in an interview with CNBC’s Becky Quick last week seemingly criticized UniQure’s gene therapy for Huntington’s disease. Makary didn’t name UniQure but described its treatment.
UniQure then accused the FDA of reversing its stance that the company’s clinical trial data would be sufficient to seek approval. UniQure’s study used an outside database to measure how patients with Huntington’s disease might decline without treatment, known as an external control. UniQure has said it wouldn’t be feasible to run a true randomized, double-blind placebo-controlled study, considered the gold standard, because it wouldn’t be ethical to make people undergo a sham hours-long brain surgery.
The FDA official said the agency “never agreed to accept this distorted comparison” and the FDA “never makes such assurances.” Instead, the “FDA will always say, ‘Well, we have to see the data when we get it.'”
UniQure didn’t immediately comment.
The company’s stock rose more than 10% on Thursday and has fallen 58% this year as of Thursday afternoon.
Business
US mortgage rates rise to 6% after three-week slide as oil-driven bond yields climb – The Times of India
The average long-term US mortgage rate edged higher this week, ending a three-week decline as bond yields rose amid oil-price pressures linked to the war with Iran.The benchmark 30-year fixed mortgage rate increased to 6% from 5.98% last week, mortgage buyer Freddie Mac said on Thursday. A year ago, the average rate stood at 6.63%, AP reported.The modest uptick breaks a three-week slide in borrowing costs, with mortgage rates having hovered close to the 6% mark for most of this year. Last week’s average had marked the first time the rate dipped below 6% since September 2022, reaching its lowest level in nearly three and a half years.Mortgage rates are influenced by several factors, including the Federal Reserve’s interest-rate policy, investor expectations about inflation and economic growth, and movements in the bond market.They typically track the direction of the 10-year US Treasury yield, which lenders use as a benchmark for pricing home loans.The 10-year Treasury yield rose to 4.14% at midday Thursday, up from around 4% a week earlier.Treasury yields have moved higher in recent days as rising oil prices added fresh inflation concerns, potentially complicating the Federal Reserve’s plans to cut interest rates.
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