Twin Peaks Parent Company Files for Chapter 11

Global franchising company FAT Brands on Jan. 26 filed Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. The filing includes its Dallas-based affiliate Twin Hospitality Group, which was spun off in January 2025 and runs the Twin Peaks and Smokey Bones casual dining brands.

Los Angeles-based FAT Brands has a portfolio of 18 restaurant concepts encompasses more than 2,200 locations worldwide, including Hurricane Grill & Wings, Fatburger, Johnny Rockets, and Round Table Pizza. Restaurants are expected to remain operating as usual during the Chapter 11 process, while trading of FAT Brands’ securities (NASDAQ: FAT) is expected to continue with a “Q” suffix during this period.

According to reports, FAT Brands, which stands for “fresh, authentic, tasty,” aims to restructure more than $1.4 billion in debt tied to its aggressive acquisition strategy. The Chapter 11 filing will give the company time to stabilize operations and negotiate with its lenders.

The sports bar chain Twin Peaks, founded in 2005, is known for its cold beer and scantily clad “Twin Peaks Girl” servers. The barbeque sports bar concept Smokey Bones, acquired by FAT Brands in 2023, was originally founded by Darden Restaurants in 1999.

This first restaurant bankruptcy report of the year following a rash of Chapter 11 filings in fall 2025, including Razzoo’s Cajun Café, Pinstripes, Abuelo’s and Iron Hill Brewery & Restaurant.

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