Re-branding a better option

no, I dont think the rebranding is better option because for established a brand itself it take too much time for example Haldiram's, Macdonals etc. these are the well known brand starts from 2-3 decades from now.

And secound thing is that it occer too much expenditure aslo. and to create new image in the mind of coustomer is very difficult specially in todays time. if you once gone from the market then your coustomer will automatically switch to other brand. they will not preffer of your brand. other thing that consumer have dought in their mind that why this brand has been vanish and new come.

I do not find it is a great option. It takes years for companies to obtain that image and then changing that is like spoiling it. Consider in present times when Pizza hut is trying to change its image to Pasta hut, do you think its going to work.