Cracker Barrel raises fiscal 2026 EBITDA outlook after $77 million sale-leaseback and Maple Street exit

A $77 million sale-leaseback on 26 owned restaurant locations and the exit from Maple Street Biscuit Company have shifted the balance sheet picture at Cracker Barrel Old Country Store (CBRL), which now expects to meet or exceed the high end of its fiscal 2026 revenue guidance and surpass its adjusted EBITDA forecast. The Tennessee chain sold most of Maple Street to Biscuit Belly and is closing the remaining 16 Maple Street locations. Restaurant-level sales are still running slightly below last year, which is the number that defines whether the operational reset has fully landed.

The transactions behind the raise

The sale-leaseback generated approximately $77 million in proceeds, money the company says it plans to direct toward debt reduction. President and CEO Julie Masino called it an opportunity to "reduce debt while monetizing a portion of our owned real estate at an attractive valuation." Selling most of Maple Street to Biscuit Belly removes a secondary banner from the portfolio entirely. Masino said the divestiture "sharpens our focus on the core Cracker Barrel brand and is expected to improve profitability."

The rebranding round-trip

The moves come after a difficult stretch tied directly to a rebranding misstep. Last summer, Cracker Barrel updated its logo and began remodeling locations in a way that longtime visitors said stripped out the nostalgic look the chain had carried for decades. Sales weakened alongside the criticism. The company reversed course, restoring the signature "Old Timer" logo and returning interiors to their familiar form.

Nation's Restaurant News reported recently that the comeback "continues to gain steam." That characterization now has balance sheet numbers behind it. Tennessee resident Rachel Love, who had publicly criticized the earlier changes, visited a restored location and told Fox News Digital that "going back to Cracker Barrel felt like coming home." She said the exterior's return to its original appearance "honestly brought tears to my eyes before I even walked inside" and that the turnaround "feels like more than just cosmetic changes."

What to watch

The picture is cleaner than it was at the height of the rebranding backlash. Debt is coming down with the $77 million in proceeds directed toward reduction, Maple Street is off the books, and the fiscal 2026 EBITDA target now sits above prior guidance. The open question is restaurant-level comparable sales, still below last year by the company's own acknowledgment. Whether that gap closes before the fiscal year ends is the next concrete read on whether the brand recovery is showing up in the actual print.