Core Insights - Twin Hospitality Group Inc. has appointed Ken Brendemihl as President of Smokey Bones, effective immediately, bringing over 25 years of restaurant leadership experience [2][3] - The company is undergoing a strategic review to eliminate inefficiencies and refocus on high-return initiatives, including the closure of underperforming units and conversion of select locations [3][4] Company Strategy - Twin Hospitality has identified 19 Smokey Bones restaurants for conversion into Twin Peaks lodges, with two conversions already completed, generating average unit volumes (AUVs) of approximately $7.8 million compared to $3.5 million as Smokey Bones [4] - The company has closed ten underperforming Smokey Bones locations and plans to close five more by the end of the fiscal third quarter, which is expected to enhance EBITDA performance by removing approximately $1.5 million in corporate overhead [5] Financial Performance - The remaining 26 Smokey Bones locations are generating positive cash flow, contributing approximately $3.0 million to total EBITDA on a trailing 12-month basis, with AUVs ranging from $1.3 million to $7.1 million [6] - The company plans to leverage FAT Brands' franchise model to begin franchising a portion of the remaining Smokey Bones locations, aiming to create a more balanced corporate-to-franchise mix and unlock additional growth potential [6]