Cracker Barrel sells Maple Street Biscuit Company, closes…

Cracker Barrel is selling its Maple Street Biscuit Company business to Biscuit Belly LLC in a bid to reduce debt and improve profitability. The deal includes the sale of assets linked to 35 locations and the closure of 16 remaining Maple Street restaurants. It generated approximately $77 million for Cracker Barrel, which plans to use these funds to cut debt while leasing back the sold properties. The move aims to refocus on the Cracker Barrel brand, with Biscuit Belly expected to expand its presence significantly by converting the acquired restaurants within the next 18 to 24 months. This strategy follows challenges faced by Cracker Barrel, including backlash over a failed rebranding effort.

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Cracker Barrel is selling restaurant properties and exiting its Maple Street Biscuit Company business as it works to cut debt and improve profits.

The Southern country-themed chain said Monday it sold the Maple Street brand and assets tied to 35 locations to Biscuit Belly LLC. Cracker Barrel will close the remaining 16 Maple Street restaurants.

In a separate move, Cracker Barrel also completed a sale-leaseback deal involving 26 company-owned locations, generating roughly $77 million in net proceeds.

The company plans to use the money to pay down debt while continuing to operate the restaurants by leasing the properties from the new owner.

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A Cracker Barrel store with the old logo.

Cracker Barrel is selling restaurant properties and exiting its Maple Street Biscuit Company business as it works to cut debt and improve profits. (Joe Raedle/Getty Images)

"These efforts reflect the discipline we bring to managing our business and balance sheet as we position Cracker Barrel for long-term success and shareholder value creation," Julie Masino, president and CEO of Cracker Barrel, said in a statement.

"Our sale-leaseback transaction will allow us to opportunistically reduce debt while monetizing a portion of our owned real estate at an attractive valuation."

Masino added, "Divesting Maple Street sharpens our focus on the core Cracker Barrel brand and is expected to improve profitability."

Biscuit Belly, which currently has 15 locations, said the deal will allow it to expand more quickly. It plans to convert the acquired Maple Street restaurants into Biscuit Belly locations over the next 18 to 24 months.

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Waffles and glazed biscuits are served at Maple Street Biscuit Co.

Waffles and glazed biscuits served at Maple Street Biscuit Co. (Jeffrey Greenberg/Universal Images Group via Getty Images)

The first conversions will begin in the greater Cincinnati area and Richmond, Virginia. The deal will more than triple Biscuit Belly’s footprint and is expected to help the chain grow to more than 60 locations by the end of 2028.

"When we looked at Maple Street's geography, footprints, and established teams, a light bulb went off," Chad Coulter, co-founder and CEO of Biscuit Belly, said in a statement.

Maple Street accounted for less than 2% of Cracker Barrel’s annual revenue. Cracker Barrel said the sale is expected to improve adjusted EBITDA beginning in fiscal 2027.

Cracker Barrel expects to record between $37 million and $39 million in non-cash charges tied to the Maple Street exit during its fiscal fourth quarter. It also anticipates between $6 million and $8 million in additional cash costs.

$53.90\ \ 0.92%

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Cracker Barrel CEO Julie Felss Masino leaves the office

Cracker Barrel CEO Julie Felss Masino walks out of an office building in Brentwood, Tennessee, on Aug. 28, 2025. (Zak Bennett for Fox News Digital)

The moves come as Cracker Barrel, which operates roughly 660 company-owned locations across 43 states, works to move past backlash over proposed changes to its logo and restaurant interiors last summer, including the removal of the "Old Timer" from its logo.

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The company reversed course less than a week later following customer complaints.

Cracker Barrel told FOX Business it had no additional comment beyond its press release.

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Cracker Barrel sells Maple Street Biscuit Company, closes 16 locations

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