AMADA breakfast chain Cracker Barrel has announced its goal to rebrand after closing doors across the country.
In late January, the chain told shareholders that reported revenue was down 1% and now suggests a similar drop for the second half of the fiscal year.
5
5
5
5
5
The share price fell to $48.98, the lowest since 2011, Jacksonville Daily Record reported.
The breakfast giant plans to cut its quarterly dividend from $1.30 per share to 25 cents per share.
The store currently has 662 stores across the country, but plans to close several throughout the year.
Cracker Barrel recently announced the closure of select stores in California, Oregon and South Carolina, Financial buzz reported.
READ MORE ABOUT STORE CLOSURES
The Southern comfort themed chain acquired Maple Street Biscuit in 2019, since then Maple Street Biscuit has continued to expand while Cracker Barrel remains stuck in the past.
“Cracker Barrel is a great concept and a great company,” Julie Masino, CEO of Maple Street Biscuit, told the Jacksonville Daily Record.
Masino admits, however, that the “brand has lost some of its shine”.
To regain this shine, the chain will remodel dozens of stores to improve the customer experience, Eat This, Not That reported.
“We think it has great growth potential,” Masino said.
“The team continues to work hard to enhance the business model and position the brand for growth.”
The company plans for the next few years to be “investment years” as it plans to reinvest in the business.
Cracker Barrel stores and restaurants account for 98% of Maple Street Biscuits’ sales, so Masino and his team are focusing on helping the historic chain stay open.
Since being purchased by Cracker Barrel, the fast-casual chain has grown from 33 to 63 restaurants at the end of the second quarter of the fiscal year.
The network plans to expand further throughout the year.
“We feel like this is the first place where we need to right the ship,” Masino said.
Cracker Barrel’s struggles are shared by other major chains such as Applebees and Red Lobster.
Red Lobster, notably, announced that it will file for bankruptcy by the end of the month.
The famous seafood chain has lost millions of dollars in recent months, reportedly due to financial difficulties caused by the chain’s never-ending shrimp promotion.
Restaurant Closings in 2024
BOSSes of major restaurant chains have announced a series of restaurant closures. The US Sun compiled a list of those affected by the network.
- Biscuit Barrel: Stores in Medford, Oregon, Columbia, South Carolina and Sacramento, California, closed.
- Mod Pizza: Bosses dramatically closed 27 stores, including in the state of California.
- Frisch’s Big Boy: Restaurant bosses have confirmed the closure of a restaurant in Covington, Kentucky.
- Two dolars: Four restaurants in Ohio are set to close.
- Pepper: A restaurant in Port Arthur, Texas, has closed permanently.
- Friendly: Bosses have confirmed that an establishment in Ronkonkoma, Long Island, will close.
- Pizza Hut: A restaurant in Glen Falls, New York, closed at the end of March.
- Danny: Two restaurants in Boise and Nampa, Idaho, have closed.
- Carl’s Jr.: The first location in Boise, Idaho, has closed.
This story originally appeared on The-sun.com read the full story
