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1 week ago

Cracker Barrel sells Maple Street Biscuit Company, closes 16 locations

Cracker Barrel is selling restaurant properties and exiting its Maple Street Biscuit Company business as it works to cut debt and improve profits.The Southern country-themed chain said Monday it sold the Maple Street brand and assets tied to 35 locations to Biscuit Belly LLC. Cracker Barrel will close the remaining 16 Maple Street restaurants.In a separate move, Cracker Barrel also completed a sale-leaseback deal involving 26 company-owned locations, generating roughly $77 million in net proceeds.The company plans to use the money to pay down debt while continuing to operate the restaurants by...