The company said the sale-leaseback and divestiture should reduce debt, lift profitability and support a stronger fiscal 2026 outlook as it closes 16 remaining Maple Street locations.
Cracker Barrel Old Country Store said it completed a sale-leaseback with an institutional real estate investor covering 26 company-owned store locations, generating about $77 million in net proceeds that it plans to use to reduce debt. The company also sold certain assets of Maple Street Biscuit Company, including the trademark and assets used in 35 locations, to Biscuit Belly, LLC, while announcing the closure of the remaining 16 Maple Street Biscuit Company locations. The exit from Maple Street is expected to result in about $37 million to $39 million of non-cash charges in the fourth quarter of fiscal 2026, plus an additional $6 million to $8 million of cash charges tied to winding down the business, split between the fourth quarter of fiscal 2026 and fiscal 2027. Cracker Barrel said Maple Street Biscuit Company contributed less than 2% of annual revenue and that the divestiture should be accretive to adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, as adjusted) starting in fiscal 2027. The company also raised its profitability outlook for fiscal 2026. Through the first 11 weeks of the fourth quarter, comparable store restaurant sales fell about 2.5% and comparable store retail sales rose about 0.5% from a year earlier. Cracker Barrel now expects to achieve or exceed the high end of its previously stated revenue range and exceed its adjusted EBITDA outlook for the fiscal year ending July 31, 2026. On June 9, 2026, it had projected total revenue of $3.27 billion to $3.30 billion and adjusted EBITDA of $120 million to $125 million.