This story was originally published on Restaurant Dive. To receive daily news and insights, subscribe to our free daily Restaurant Dive newsletter. Fat Brands submitted an objection in bankruptcy court on Monday to an emergency motion filed by a group of creditors seeking to temporarily suspend CEO Andrew Wiederhorn, according to court filings. The creditors argued that Fat’s sale of shares of Twin Hospitality to White Lion Capital for $3 million on Jan. 30 was not approved by the court. The company, wh ...

2月4日，一家叫做FAT Brands的公司因为不再符合上市条件而被纳斯达克强制摘牌。FAT Brands几天之 前已经向法院申请破产保护，破产文件显示负债总额估计在10亿至100亿美元之间，而其账上现金只有 210万美元。 FAT Brands是在2017年通过所谓"Regulation A+"通道在纳斯达克上市的。这是美国JOBS法案所推出的一 种上市方式，允许中小企业在不走完整IPO注册流程的情况下，向非合格投资者发行证券。 去年，我在一个偶然的场合听到一种"高级"的餐饮品牌玩法。细节我当时没太听懂，只记得大致剧本是 这样的。第一步是在某个城市打造几家样板店，砸钱营造出品牌很火、生意很好的气象。第二步直接去 纳斯达克上市。第三步利用美股上市的名头，精准向品牌的"粉丝"卖股票。 我不知道这个精准割韭菜的玩法国内有没有人真的在做。但在美国，最近有一个相当知名的餐饮连锁品 牌破产了，它的玩法看起来跟上面说的套路非常相似。 显然，这种模式正适合拥有大量粉丝基础的消费品牌。FAT Brands旗下的Fatburger（中文名富客汉堡） 是美国初代网红汉堡品牌之一。通过上市，FAT Brands成功筹集到了2400 ...

Core Insights - FAT Brands and its affiliate Twin Hospitality have filed for Chapter 11 bankruptcy protection, allowing them to restructure their debts and operations while continuing to operate their restaurant locations [4]. Group 1: Bankruptcy Filing Details - FAT Brands filed for Chapter 11 bankruptcy on January 26, 2026, in the Southern District of Texas, reporting assets and liabilities in the range of $1 billion to $10 billion [4]. - The company has a total debt estimated between $1.5 billion and $1.58 billion, primarily due to leveraged acquisitions and financing strategies [4]. - The bankruptcy process aims to deleverage the balance sheet, improve capital structure, and maximize stakeholder value while maintaining operations at over 2,200 locations worldwide [4]. Group 2: Strategic Decisions and Resource Allocation - FAT Brands has decided to allocate resources to its Twin Peaks sports bar concept rather than its Smokey Bones Barbecue restaurant chain [1]. - Twin Hospitality announced the closure of 15 underperforming Smokey Bones locations and plans to convert 19 locations into Twin Peaks [2]. - A full spending review is underway to eliminate inefficiencies and refocus on high-return initiatives, including closing underperforming units and supporting profitable Smokey Bones locations [3].

Core Viewpoint - Twin Hospitality Group, the parent company of Twin Peaks, has filed for Chapter 11 bankruptcy, following a trend in the casual dining sector where similar establishments like Hooters have also faced financial difficulties [1][3]. Group 1: Bankruptcy Filing - Twin Hospitality Group filed for Chapter 11 bankruptcy on January 26, 2025, in the U.S. Bankruptcy Court for the Southern District of Texas [1]. - The bankruptcy filing comes shortly after Fat Brands, which owns Twin Hospitality Group, began converting Smokey Bones locations into Twin Peaks [2]. - The first hearing for the bankruptcy filing is scheduled for January 28, 2025 [3]. Group 2: Company Operations - Twin Peaks operates 114 locations across the United States and Mexico and is expected to remain open during the bankruptcy process [4]. - The company has faced challenging market conditions that have hindered its ability to restructure debt, despite the brand's strength [5]. Group 3: Industry Context - Hooters filed for Chapter 11 bankruptcy in March 2025, addressing $376 million in debt, and closed over 30 locations in June 2025 [3]. - The casual dining sector is experiencing significant challenges, as evidenced by the recent bankruptcies and closures of multiple restaurant chains [5].

Core Insights - FAT Brands has filed for Chapter 11 bankruptcy protection, aiming to reject leases for several closed company-owned restaurants, including locations for Johnny Rockets, Smokey Bones, and Yalla Mediterranean [1][4] - The company operates 18 restaurant chains with over 2,200 locations globally, primarily franchised, and directly owns approximately 150 locations [2] - CEO Andy Wiederhorn expressed confidence in the company's resilience and long-term growth potential, stating that the bankruptcy process will help strengthen its capital structure [3] Company Operations - FAT Brands has announced the closure of 14 Smokey Bones locations, 2 Johnny Rockets, and 5 Yalla Mediterranean locations, with the latter two only in California [4] - The company expects its restaurants to continue operating normally during the bankruptcy process [4] Location Details - Specific closures include locations in California, Florida, Georgia, Illinois, Massachusetts, Michigan, Ohio, Pennsylvania, and Virginia [6][9][12]

Core Viewpoint - FAT Brands, a restaurant franchiser with a significant debt of approximately $1.3 billion, has filed for Chapter 11 bankruptcy to restructure its debt and support the continued growth of its brands [1][6]. Company Overview - FAT Brands operates 18 restaurant brands, including Fatburger, Johnny Rockets, and Twin Peaks, with over 2,200 locations globally [1]. - The company’s subsidiary, Twin Hospitality Group, which operates the Twin Peaks chain, also filed for Chapter 11 bankruptcy [2]. Financial Situation - The company reported having only $2.1 million in cash at the time of the bankruptcy filing and had missed payments prior to mid-November of the previous year [9]. - Following the bankruptcy announcement, shares of FAT Brands dropped by 45% [7]. Market Conditions - The company cited common challenges in the restaurant industry, such as inflation and declining customer demand for casual dining, as contributing factors to its financial difficulties [5][6]. - Erin Mandzik, a communications senior director, noted that the market conditions have been difficult and largely unforeseen, impacting the company's ability to restructure its debt [6]. Operational Impact - Despite the bankruptcy filing, FAT Brands expects its signature brands to continue operating as usual during the Chapter 11 process [12]. - The company had plans to expand its Fatburger chain by adding at least 40 new locations in Florida before the bankruptcy filing [2].

Core Viewpoint - FAT Brands is facing significant financial challenges, leading to a potential Chapter 11 bankruptcy filing to restructure its debt and improve its financial situation [1][2][5]. Financial Situation - The company has been in discussions with note holders for 18 months to two years regarding debt restructuring, but negotiations have not been productive [2]. - FAT Brands reported an outstanding debt of approximately $158.9 million under the FB Resid Notes, with a net amount of $110 million [3]. - The total debt of FAT Brands is estimated to be between $1.5 billion and $1.58 billion, primarily due to leveraged acquisitions and financing strategies [7][8]. Bankruptcy Filing - FAT Brands filed for voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas on January 26, 2026 [5][7]. - The Chapter 11 process aims to deleverage the balance sheet, enhance the capital structure, and maximize stakeholder value while maintaining operations at over 2,200 locations worldwide [6][7]. - The company's securities will continue to trade on NASDAQ with a "Q" suffix during the bankruptcy proceedings [6][7]. Operational Impact - Despite the bankruptcy filing, FAT Brands plans to keep its restaurant brands, including Fatburger and Johnny Rockets, operational during the restructuring process [6][7].

Core Viewpoint - FAT Brands has filed for voluntary Chapter 11 bankruptcy to restructure its debt and capital structure, aiming to enhance stakeholder value and support brand growth [1][2]. Group 1: Bankruptcy Filing Details - The filing follows FAT Brands' missed interest payments on its $1.2 billion debt, as reported by Bloomberg [2]. - Court documents indicate that FAT Brands has assets and liabilities both estimated between $1 billion and $10 billion [2]. - The company operates as a global franchising entity with a portfolio of 18 restaurant brands and over 2,200 locations worldwide [2]. Group 2: Operations During Bankruptcy - Key restaurant brands such as Fatburger, Johnny Rockets, and Round Table Pizza are expected to continue operations throughout the Chapter 11 process [3]. - Trading of FAT Brands' securities on NASDAQ is anticipated to continue with a "Q" suffix during the bankruptcy proceedings [3]. Group 3: Leadership and Strategic Intent - CEO Andy Wiederhorn stated that the Chapter 11 process will allow the company to strengthen its capital structure and maintain its competitive position [4]. - The company plans to engage with stakeholders to develop a value-maximizing plan while protecting their interests [4]. - Wiederhorn returned as CEO in September 2025 after previously resigning in May 2023 amid a federal investigation, which was later dismissed [5].

Core Viewpoint - FAT Brands Inc. has initiated voluntary chapter 11 proceedings to restructure its balance sheet, enhance stakeholder value, and support brand growth [1][3]. Group 1: Company Overview - FAT Brands operates a portfolio of 18 restaurant concepts with over 2,200 locations globally, including well-known brands like Fatburger and Johnny Rockets [2][5]. - The company aims to maintain normal operations during the chapter 11 process, ensuring continued service to customers and support for franchise partners and employees [2][3]. Group 2: Management Statements - CEO Andy Wiederhorn emphasized the resilience of the brand portfolio in a challenging environment and expressed confidence in long-term profitability and growth [3]. - The chapter 11 process is viewed as an opportunity to strengthen the capital structure and engage with stakeholders on a value-maximizing plan [3]. Group 3: Legal and Advisory Support - Latham & Watkins LLP is providing legal counsel, while GLC Advisors & Co., LLC serves as the investment banker, and Huron Consulting Services LLC acts as the financial advisor [4].

Core Insights - FAT Brands Foundation raised over $15,000 through its holiday giving campaign to support Feeding America, aiding in the fight against food insecurity [1] - The foundation has awarded over 165 grants since its inception in 2023, totaling over $750,000 in funding to non-profits across 24 states, Washington D.C., and Puerto Rico [1] Company Overview - FAT Brands is a leading global franchising company that owns 18 restaurant brands, including Johnny Rockets, Fatburger, and Round Table Pizza, with over 2,300 units worldwide [3] - The company focuses on acquiring, marketing, and developing various dining concepts, including fast casual and casual dining [3] FAT Brands Foundation - Established in 2022, the FAT Brands Foundation aims to uplift communities where FAT Brands operates by partnering with local non-profits to provide essential programs [4] - The foundation emphasizes charitable initiatives both locally and nationally, seeking to enhance its impact in the community [4] Feeding America - Feeding America is a nationwide network dedicated to addressing food insecurity, supporting millions of people through food banks and meal programs [5] - The organization advocates for legislation to improve food security and invests in solutions to increase access to nutritious food [5]