Twin Hospitality Group Inc., the parent company for the popular chain restaurant and bar Twin Peaks, filed for Chapter 11 bankruptcy protection, but plans to remain open as it works to restructure its debt, according to a news release shared on Monday (January 26).
The company, which also owns the chain restaurant Smokey Bones, said it plans to use the filing to reduce the balance sheet, maximize value for stakeholders and grow its brands and “will remain open and operating as usual and will continue delivering their signature guest experiences.”
“Twin Peaks has redefined the sports bar experience and built an iconic and highly profitable business. We are confident that the brand remains positioned for meaningful global expansion in the years to come,” said Andy Wiederhorn, CEO of Twin Hospitality, in the news release. “The chapter 11 process will enable us to strengthen our balance sheet and create financial flexibility to advance this growth. We plan to use this process to connect with key stakeholders around a value-maximizing plan and will act prudently to remain steadfast in upholding and protecting stakeholder interests. Our focus in this process remains providing quality service to our customers and supporting our franchise partners and the thousands of corporate and franchise employees.”
The bankruptcy filing came one year after Twin Hospitality Group Inc. went public. Twin Peaks was founded in Lewisville, Texas, a suburb of Dallas, in 2005 and has 114 locations in the United States and Mexico. The chain describes itself as the “ultimate sports lodge” with a wilderness lodge them and is known for having female servers in revealing, themed uniforms.
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