US EditionOwner of Johnny Rockets, Fatburger Files for Bankruptcy
FAT Brands seeks to restructure debt after missed payments last November while maintaining operations across 2,200 global locations, aiming to maximize stakeholder value.
- On Monday, Fat Brands, the parent company of Fatburger, filed for Chapter 11 in Texas to restructure its debt.
- FAT Brands said it initiated Chapter 11 to restructure debt taken on for growth, while Reuters reported missed payments last November and just $2.1 million in cash on hand.
- With 18 restaurant brands and 2,200 locations worldwide, FAT Brands announced last year plans for 40 new Fatburger locations in Florida, showing ongoing expansion activity.
- Using the Chapter 11 filings, FAT Brands said it will rebalance the balance sheet and allocated $400K to ensure employees' paychecks did not bounce during restructuring.
- For consumers and franchisees, the filing touches familiar restaurant names like Twin Peaks, Fatburger and Johnny Rockets, raising uncertainty for employees and public perception.
44 Articles
44 Articles
San Diego Union Tribune
Owner of Johnny Rockets, Fatburger files for bankruptcy
FAT Brands — the owner of multiple restaurant chains including Johnny Rockets, Fatburger and Twin Peaks — has filed for bankruptcy amid debt of more than $1 billion. The franchiser filed for Chapter 11 on Monday in the U.S. Bankruptcy Court for the Southern District of Texas, according to Fox Business. FAT operates 18 restaurant brands with more than 2,200 locations. The company said it expects its restaurants to remain open as usual during the …
Fargo Twin Peaks to stay open as national brand takes Chapter 11 step
FARGO — The company that owns the Twin Peaks restaurant brand has voluntarily begun Chapter 11 proceedings in U.S. Bankruptcy Court in Texas, a step the company says will not result in the closing of any of its restaurant brands, including Twin Peaks, which has a location in Fargo. The Twin Peaks sports bar and restaurant at 1515 42nd St. S., in Fargo, is one of about 115 Twin Peaks branded restaurants in the U.S. and Mexico. When it opened here…
Johnny Rockets, Twin Peaks owner files bankruptcy after $750M expansion backfires
The parent company behind Fatburger, Johnny Rockets and Twin Peaks has filed for bankruptcy. Here's how a massive $750 million spending spree lead to a billion-dollar debt crisis.
Fatburger Owner Files for Bankruptcy
FAT Brands Inc., owner of 18 restaurant chains worldwide, has voluntarily filed Chapter 11 petitions for financial restructuring. The Los Angeles-based mega-franchiser announced this week that it had filed proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. FAT Brands reported that it intends to restructure capital to maximize value for its shareholders and continue to grow its brands. The company’s portfolio includes we…
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