Cracker Barrel sells Maple Street brand and 35 stores, nets about $77 million in sale-leaseback to cut debt
AI Market Summary
Cracker Barrel is monetizing real estate via a 26-site sale-leaseback (~$77M net) and exiting Maple Street Biscuit Company (sale of 35 assets; closure of 16 stores) to reduce debt and refocus on its core brand. While Maple Street contributed <2% of revenue and management expects adjusted EBITDA uplift from FY2027, near-term non-cash charges ($37–39M) and cash exit costs ($6–8M) temper the immediate financial benefit.
Impact level
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Cracker Barrel said it sold the Maple Street Biscuit Company brand and assets tied to 35 locations and will close the remaining 16 restaurants. Separately, it completed a sale-leaseback transaction covering 26 company-owned locations, generating roughly $77 million in net proceeds. The company said it plans to use the cash to pay down debt and expects the moves to lift adjusted EBITDA starting in fiscal 2027. Maple Street contributed less than 2% of Cracker Barrel’s annual revenue, and the divestiture is aimed at sharpening focus on the core brand and improving profitability.
