When a retailer owns multiple brands, it sometimes has to decide where to allocate resources. That situation gets even more complicated when its parent company files for bankruptcy.

In this case, FAT Brands, which filed for Chapter 11 bankruptcy protection on Jan. 26, had already decided to allocate resources to its Twin Peaks sports bar concept instead of its Smokey Bones Barbecue restaurant chain.

In September, Twin Hospitality, a sister company to FAT Brands, which has also filed for Chapter 11 bankruptcy, shared the decision to close 15 underperforming Smokey Bones locations. It also detailed a plan to convert 19 Smokey Bones locations into Twin Peaks locations.

Twin Hospitality CEO Kim Boerema explained those decisions in a press release.

“We have launched a full spending review across both brands to eliminate inefficiencies, uncover synergies, and refocus on high-return initiatives. I have also focused on reviewing the Smokey Bones portfolio, closing underperforming units, identifying strong candidates for conversion, and supporting profitable locations that will remain Smokey Bones,” she shared.

Now, with Chapter 11 filings forcing further austerity, Smokey Bones will close another 15 locations.

FAT Brands/Twin Hospitality Chapter 11 quick facts

FAT Brands Inc. and its affiliate Twin Hospitality have filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court. The filings are publicly available via Pacer, the federal court electronic records system.

  • FAT Brands, Inc., Southern District of Texas, Case #26‑10931, filed January 26, 2026.
    Reported assets and liabilities: $1 billion-$10 billion range

    Full petition and schedules available on PacerMonitor

    Full petition and schedules available on PacerMonitor, including details on debt, restaurant closures, and Chapter 11 restructuring plans

  • FAT Brands Inc., the parent of more than 18 restaurant concepts including Fatburger, Johnny Rockets, and Round Table Pizza, filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on January 26, 2026.
  • The company said the Chapter 11 process will let it deleverage its balance sheet, bolster its capital structure, and maximize value for stakeholders while continuing to operate its portfolio of more than 2,200 locations worldwide.
  • FAT Brands plans to keep its restaurants open during restructuring, with its Nasdaq-traded securities expected to trade with a “Q” suffix to denote bankruptcy proceedings.
  • In its bankruptcy filing, the company reported assets and liabilities both in the range of $1 billion to $10 billion, a common broad bracket in Chapter 11 disclosures.
  • FAT Brands has been overwhelmed by debt tied to securitized borrowings; its total debt was estimated at around $1.5 billion to $1.58 billion due to leveraged acquisitions and financing strategies.
  • Prior SEC filings noted the company carried approximately $1.6 billion in debt, a heavy burden that contributed to its Chapter 11 move.
    Sources: PacerMonitor, FAT Brands press release
Smokey Bones had more than 100 locations at its peak.

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Smokey Bones

After this newest round of shutdowns, Smokey Bones shows 20 locations remaining on its website. The brand had about 120 locations at its peak and still operated 60 when FAT Brands purchased the restaurant concept.

In its initial bankruptcy announcement, the company did not share any plans to close restaurants.

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“The chapter 11 process will provide us with the opportunity to strengthen our capital structure to support our concepts and ensure they remain at the forefront of their sectors,” said Andy Wiederhorn, CEO of FAT Brands. “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.”

In later court filings, which can be found on PacerMonitor, the company shared plans to close 14 Smokey Bones locations nationwide, along with two Johnny Rockets and five Yalla Mediterranean locations, according to Fast Company.

Smokey Bones closures

It’s unclear when these locations will close, but none are listed on the company’s website, suggesting they may have shut down already. The author, a regular customer of two Florida locations shuttered as part of earlier closures, can confirm that the shutdowns were sudden, with no notice provided to customers.

Florida

  • Casselberry: 1430 State Road 436
  • Fort Lauderdale: 6500 N. Federal Hwy
  • Plantation: 809 South University Drive

Georgia

  • Buford: 3333 Buford Drive, Ste. VB01C

Illinois

  • Rockford: 6690 E. State Street

Massachusetts

  •  Stoughton: 301 Technology Center Drive

Michigan

  • Grand Rapids: 4875 28th Street SE
  • Utica: 45001 Schoenherr Road

Ohio

  • Columbus: 3939 Mose Crossing
  • Maumee: 512 West Dussel Drive 

Pennsylvania

  • North Wales: 252 Montgomery Mall
  • Wilkes-Barre: 265 Mundy Street

Virginia

  • Newport News: 12541 Jefferson Avenue
  • Woodbridge: 2601 Prince William County Parkway 

Smokey Bones has struggled

FAT Brands/Twin Hospitality made the decision to convert some Smokey Bones locations into Twin Peaks for sound financial reasons, as the initial results have proven positive.

“Two of the conversions have been completed and are already generating average unit volumes of about $7.8 million compared to the $3.5 million they generated as Smokey Bones,” Restaurant Dive shared.

Smokey Bones’ size and operational similarity to Twin Peaks helped make the decision to convert some locations.

“Converting Smokey Bones locations to Twin Peaks provides a significant return on investment as altering a standing restaurant with similar square footage and real estate draw like Smokey Bones cuts out about a year and a half of construction time,” said FAT Brands CFO Ken Kuick in a press release. “Twin Peaks is our fastest-growing concept, producing strong and growing average-unit volumes.”

The cost of operating Smokey Bones may ultimately doom the brand.

“Though profitable, considering the menu is highly focused on entrees such as steak and brisket, which have faced steep price increases, this year could be the end of Smokey Bones,” Restaurant Dive reported.

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