TENNESSEE - Cracker Barrel’s troubles are now on the menu at its breakfast chain.
The Southern comfort-food giant said last week it will shutter 14 Maple Street Biscuit Company restaurants, trimming back on a brand it once hoped would fuel its growth.
Maple Street, founded in Florida 13 years ago, features high-end breakfast staples — think $13 chicken biscuits, $6 lattes, and $12 hash bowls — that include premium ingredients like apple butter and fresh goat cheese.
Cracker Barrel bought the chain in 2019 for $36 million, when it had 28 locations, and expanded it to 68 at its peak earlier this year.
But the bet hasn’t paid off. Filings show Maple Street lost an estimated $16.2 million in value over the past year as sales lagged expectations.
The closures leave 54 locations still open.
It caps off a tough summer for Cracker Barrel that saw a disastrous rebrand a sales slump.
And it is set to get worse. In its latest earnings update, Cracker Barrel warned investors that profits will fall next year.
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