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 ...

将投中网设为"星标⭐"，第一时间收获最新推送 金融高手玩转"老字号"品牌。 作者丨 陶辉东 来源丨 投中网 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。 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。 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Fatbur ...

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 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]

Core Viewpoint - FAT Brands is facing potential bankruptcy not due to a lack of cash flow but because it cannot generate sufficient cash to service its debt obligations [1][2] Group 1: Financial Situation - FAT Brands has been in discussions for 18 months to restructure its debt, but negotiations have not been constructive [2] - The company warned of a possible Chapter 11 bankruptcy filing after a key lender called its note [2][3] - FAT Brands has a total debt of $1.26 billion, with $158.9 million of this amount being immediately due as per a notice from UMB Bank [5][6] Group 2: Company Structure and Brands - FAT Brands owns several well-known restaurant brands, including Johnny Rockets, Ponderosa Steakhouse, Great American Cookie, and Twin Peaks [3] - The company's financial structure is complex, with liabilities spread across five securitization trusts and tied to individual brands [6]