Published • loading... • Updated
Parent company for 18 national restaurant chains files for bankruptcy
- On Monday, Jan. 26, Twin Hospitality Group filed a voluntary Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas, with the first hearing held on Wednesday, Jan. 28.
- Recent market strains have prompted pressure on Fat Brands after converting Smokey Bones locations into Twin Peaks and prior closures amid difficult market conditions in recent years.
- The company says operations will continue as usual, and Twin Peaks operates 114 locations across the U.S. and Mexico, having first opened in Lewisville, Texas, in 2005.
- Industry observers note the filing follows other recent Chapter 11 cases such as Hooters, which involved $376 million debt and over 30 closures, and the case involves FAT Brands and Twin Hospitality Group.
- The company said the Chapter 11 process will be used to strengthen its balance sheet and create financial flexibility, and Wiederhorn said, `We plan to use this process to connect with key stakeholders around a value-maximizing plan and will act prudently in upholding stakeholder interests`.
Insights by Ground AI
20 Articles
20 Articles
Twin Peaks to remain open as parent company files Chapter 11 bankruptcy
(CNN) — The parent company of Twin Peaks restaurants is facing money troubles. Twin Hospitality Group filed for Chapter 11 bankruptcy in the southern district of Texas. The sports bar restaurant’s parent company did not announce how much debt it’s carrying — but a press release said the company intends to reorganize to maximize value for its stockholders. The restaurant chain will stay open through the bankruptcy process. Twin Peaks first opened…
·North Dakota, United States
Read Full Article+7 Reposted by 7 other sources
Twin Peaks, Smokey Bones parent company files for Chapter 11 bankruptcy
The restaurant company's filing comes a year after Twin Peaks' rival sports bar Hooters filed for bankruptcy and shuttered dozens of locations nationwide.
·Spokane, United States
Read Full ArticleCoverage Details
Total News Sources20
Leaning Left1Leaning Right0Center16Last UpdatedBias Distribution94% Center
Bias Distribution
- 94% of the sources are Center
94% Center
C 94%
Factuality
To view factuality data please Upgrade to Premium






