The CEO of FAT Brands and Twin Hospitality Group, Inc., the parent companies of the popular chain restaurant Twin Peaks, has opted to take a leave of absence until the company completes both its sale of assets or its Chapter 11 bankruptcy proceedings, Restaurant Dive reports.
Andrew Wiederhorn agreed to take a leave of absence in court documents filed on Wednesday (March 18) but can still issue a bid for the company during the sales process. Wiederhorn’s family members will no longer serve their roles for the company, while its board members, excluding members of the special committee overseeing bankruptcy proceedings, all plan to resign, according to the report. Both FAT Brands and Twin Hospitality Group, Inc., a spinoff compromised of Twin Peaks and Smokey Bones, filed for Chapter 11 bankruptcy protection in January.
Twin Hospitality Group Inc., 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,” Wiederhorn said in a news release shared at the time. “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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