Cracker Barrel refocuses on core brand after asset sales and debt reduction

Cracker Barrel Old Country Store announced two major strategic moves aimed at strengthening its core restaurant business. A sale-leaseback of 26 company-owned sites produced about $77 million, which will be used to reduce outstanding debt. In parallel, the firm sold most of its Maple Street Biscuit Company assets to Biscuit Belly and plans to close the remaining 16 Maple Street locations, allowing it to concentrate on the Cracker Barrel brand.

President and CEO Julie Masino said the transactions will improve the company’s financial outlook for fiscal 2026. The actions follow a period of customer backlash over logo and interior changes, prompting a restoration of the classic “Old Timer” logo and décor. Tennessee resident Rachel Love, a vocal critic, said a recent visit to a renovated store felt like “coming home” and expressed optimism about the brand’s direction. Industry observers note that despite sales still lagging behind last year, Cracker Barrel expects to meet or exceed the upper end of its revenue guidance and surpass its adjusted EBITDA target.