Cracker Barrel Old Country Store has acquired Maple Street Biscuit in an all-cash transaction for $36 million. Maple Street Biscuit was founded in 2012 by Scott Moore and Gus Evans in Jacksonville, Fla. It currently has 28 company-owned and five franchised fast-casual locations across seven states. Cracker Barrel plans to convert its fast-casual restaurant Holler & Dash Biscuit House units into Maple Street Biscuit locations in the coming months. Moore will remain CEO of Maple Street Biscuit and will report directly to Sandra Cochran, president and CEO of Cracker Barrel.
“The breakfast and lunch-focused fast-casual category is an attractive segment, and our experience with Holler & Dash has reinforced this belief,” said Cochran. “We have long admired Maple Street Biscuit with its emphasis on made-from-scratch food and hospitality. It is a proven brand with attractive unit economics and strong growth potential, and it is positioned to become a leader in this category. The acquisition accelerates our penetration in this segment and provides growth for delivering shareholder value.”
Customer transactions at major U.S. restaurant chains declined by 21% in the week ending May 17 compared with the same period last year, a slight gain from the previous week’s 23% decline and the fifth consecutive week of improvement, reports The NPD Group.
U.S. restaurant chain transaction declines continued to improve for the fourth consecutive week in the week ending May 10 as more states reopen. Total restaurant customer transactions were down 23% compared with a 26% decline the prior week, reported The NPD Group.
As restaurants and bars resume operations in some areas of the United States, the CDC has published a guidance document that offers considerations for ways in which operators can protect employees, customers, and communities and slow the spread of COVID-19.
The U.S. Food and Drug Administration (FDA) has issued two documents, a checklist and an infographic, designed to assist retail food establishments that might have been closed or partially closed during the COVID-19 pandemic in preparing to reopen.
The U.S. restaurant industry lost more than three decades of jobs in the last two months, according to a National Restaurant Association (NRA) analysis of preliminary data released by the Bureau of Labor Statistics (BLS).