Julie Felss Masino oversees Cracker Barrel as the company sells Maple Street Biscuit Company and completes a major sale-leaseback deal.
Julie Felss Masino, president and CEO of Cracker Barrel, announced that the company is divesting its Maple Street Biscuit Company business to Biscuit Belly LLC. The deal includes the sale of assets for 35 locations, while Cracker Barrel will close the remaining 16 Maple Street restaurants. This move is intended to sharpen the company's focus on its core brand and improve profitability. In a separate strategic move, Cracker Barrel completed a sale-leaseback deal for 26 company-owned locations, generating approximately $77 million in net proceeds. The company plans to use these funds to reduce debt while continuing to operate the restaurants. The administration of the brand's finances reflects a disciplined approach to long-term success. While Maple Street accounted for less than 2% of annual revenue, the sale is expected to improve adjusted EBITDA starting in fiscal 2027. These actions follow a period of customer backlash regarding a failed logo rebrand, as the company works to stabilize its position in the restaurant market.