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].

The entrance to Johnny Rockets restaurant at Universal Studios Hollywood CityWalk. (George Rose/Getty Images) The parent company of Johnny Rockets, Fatburger and Round Table Pizza filed for Chapter 11 bankruptcy protection. Beverly Hills-based Fat Brands Inc. said in a statement that it filed for bankruptcy on Monday to restructure the debt it accumulated while expanding its company portfolio, citing “difficult and largely unforeseen” market conditions. The company’s portfolio includes several brands w ...

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 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]

Financial Data and Key Metrics Changes - The company reported a cautious but cautiously optimistic consumer environment, with recent weeks showing improved sales [5] - Same-store sales were down approximately 3% to 3.5% across all 18 brands, which is considered manageable in the current environment [28] - The company has sold around 200 new franchise units and opened over 70 new stores, with plans to open another 100 this year [28] Business Line Data and Key Metrics Changes - The company has expanded its portfolio to 18 brands, including high-growth brands like Fatburger, Johnny Rockets, and Round Table Pizza [4][7] - The manufacturing operation, which produces cookie dough and pretzel mix, has increased its capacity utilization from 30% to 45%, generating approximately $15 million in annual EBITDA [11][12] Market Data and Key Metrics Changes - The company has seen a positive shift in consumer behavior, with sales improving significantly in recent weeks [5] - Franchisee confidence is indicated by the sale of several hundred incremental franchise units over the past few years, with 213 units sold recently [6] Company Strategy and Development Direction - The company focuses on co-branded and multi-branded locations, expecting 10%-20% higher revenues from these formats [8] - The strategy includes converting select Smoky Bones locations into Twin Peaks, which has shown a potential to double sales in converted locations [18][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by rising interest rates and a difficult equity market, but emphasizes the strength of the brand portfolio and the potential for restructuring debt [24][28] - The company aims to restructure its debt to make it more manageable, with ongoing discussions with noteholders [26][27] Other Important Information - The company has a unique manufacturing operation that complements its restaurant portfolio, providing high-margin products to franchisees [11] - The spinout of Twin Peaks into a publicly traded company was a strategic move to raise equity and pay down debt [14][15] Q&A Session Summary Question: What is the current state of the consumer? - Management noted a cautious but cautiously optimistic consumer environment, with recent sales improvements [5] Question: How is the development pipeline looking? - The company has sold a couple hundred incremental franchise units, indicating strong franchisee confidence [6] Question: What are the growth opportunities in non-traditional locations? - Non-traditional locations can be lucrative if they have good traffic flow, and the company is exploring these opportunities [10] Question: How does the manufacturing operation fit into the long-term strategy? - The manufacturing facility is seen as a significant opportunity, currently running at 45% capacity and generating high margins [11][12] Question: What is the outlook for Twin Peaks and Smoky Bones? - The company is converting some Smoky Bones into Twin Peaks, which has shown promising sales increases [18][21]