Cracker Barrel Sells Maple Street Biscuit Co. to Biscuit Belly, Closes 16 Locations July 23

Cracker Barrel Old Country Store sold its Maple Street Biscuit Company brand and 35 restaurant locations to Louisville-based Biscuit Belly LLC on July 20, while closing 16 remaining Maple Street locations. The move is part of a debt-reduction strategy that also includes a $77 million sale-leaseback deal on 26 company-owned properties. Maple Street represented less than 2% of Cracker Barrel’s annual revenue.

Why Cracker Barrel exited the Maple Street business

Cracker Barrel acquired Maple Street in 2019 for $36 million but struggled to make it profitable. The company closed 14 Maple Street locations in September 2025 after they failed to meet financial expectations. CEO Julie Masino said divesting Maple Street “sharpens our focus on the core Cracker Barrel brand and is expected to improve profitability.” Maple Street accounted for less than 2% of Cracker Barrel’s annual revenue, making it a non-core asset.

How Biscuit Belly plans to expand

Biscuit Belly, a Kentucky-based breakfast chain founded in 2019 by Chad and Lauren Coulter, acquired the 35 Maple Street locations and will convert them to its own brand over 18 to 24 months. The deal more than triples Biscuit Belly’s footprint from 15 locations to roughly 60 by the end of 2028. Conversions will begin immediately in the greater Cincinnati area and Richmond, Virginia, with St. Pete and other Florida locations scheduled for Q1 2027.

Cracker Barrel’s debt reduction strategy

The Maple Street sale is paired with a sale-leaseback deal generating $77 million in net proceeds. Cracker Barrel sold 26 company-owned locations to an investor and immediately leased them back, allowing the chain to continue operating those restaurants. The company plans to use all proceeds to pay down debt while maintaining operations at the leased properties.

What this means for investors

Cracker Barrel’s Meyka grade is C+ with a Sell recommendation based on weak fundamentals. The stock trades at a 45.1 PE ratio while carrying a debt-to-equity ratio of 2.35, indicating heavy leverage. Analyst consensus is Hold (3 of 7 analysts rate it Buy, 3 Hold, 2 Sell). The debt-reduction moves signal management is addressing balance sheet stress, but the company’s negative operating margins and weak profitability remain concerns for equity holders.

Final Thoughts

Cracker Barrel’s exit from Maple Street and $77 million debt reduction effort address near-term financial pressure but do not resolve underlying profitability challenges. With a C+ Meyka grade and negative operating margins, investors should monitor Q1 2027 results before reassessing the stock.

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