After months of backlash over a controversial rebranding that alienated many longtime customers, Cracker Barrel Old Country Store is betting its future on returning to its roots, selling off secondary assets, cutting debt and focusing entirely on the iconic country restaurant chain.The Tennessee-based restaurant chain announced last week that it has completed two major strategic moves designed to strengthen its core business, while raising its profitability outlook for fiscal year 2026.The company completed a sale-leaseback transaction involving 26 company-owned restaurant locations, generating about $77 million in proceeds that it plans to use to reduce debt.It also sold most of its Maple Street Biscuit Company business to Biscuit Belly and said it will close the remaining 16 Maple Street locations, allowing the company to focus more heavily on the Cracker Barrel brand.CRACKER BARREL SELLS MAPLE STREET BISCUIT COMPANY, CLOSES 16 LOCATIONS"Our sale-leaseback transaction will allow us to opportunistically reduce debt while monetizing a portion of our owned real estate at an attractive valuation," President and CEO Julie Masino said in a statement.
"Divesting Maple Street sharpens our focus on the core Cracker Barrel brand and is expected to improve profitability."The moves come after a challenging stretch for the country-themed chain.Cracker Barrel sold most of its Maple Street Biscuit Company restaurants and is closing the remaining 16 locations.(iStock)Last summer, Cracker Barrel faced vocal backlash over updates to its logo and restaurant remodels, with longtime customers arguing the company was abandoning the nostalgic look that had defined the brand for decades.The criticism coincided with weaker sales and backlash that prompted company leaders to restore the chain's signature "Old Timer" logo and interior.CLICK HERE TO SIGN UP FOR OUR LIFESTYLE NEWSLETTERAmong the chain's most outspoken critics was Tennessee resident Rachel Love, who previously told Fox News ...