Cracker barrel sells Maple Street Biscuit chain to focus on core operations

Cracker Barrel Old Country Store has completed the sale of its Maple Street Biscuit Company brand and related assets to Biscuit Belly LLC, marking the end of its fast-casual dining experiment. The deal includes 35 Maple Street locations, while the remaining 16 restaurants will close permanently.

Cracker Barrel acquired Maple Street in 2019 for $36 million as part of its expansion strategy. However, the brand contributed less than 2% of the company’s annual revenue. By selling the business, Cracker Barrel aims to simplify operations, improve profitability, and focus on strengthening its flagship restaurant brand.

As part of its financial restructuring, the company also completed a $77 million sale-leaseback transaction involving 26 restaurant properties. The proceeds will be used to reduce corporate debt and strengthen its balance sheet.

Although the transition will result in non-cash impairment charges of up to $39 million and additional restructuring costs, Cracker Barrel has maintained a positive financial outlook and expects the move to improve earnings beginning in fiscal 2027.

For Biscuit Belly, the acquisition significantly expands its presence across the Southeast. The company plans to convert the acquired Maple Street locations into Biscuit Belly restaurants over the next 18 to 24 months, with the goal of operating more than 60 locations by the end of 2028.

The move reflects Cracker Barrel’s strategy of concentrating on its core business while giving Biscuit Belly an opportunity to accelerate its regional expansion.