FAT Brands Breakup Begins as Buyers Emerge for Twin Peaks, Elevation Burger, and More

It’s the beginning of the end for FAT Brands.

Multiple buyers have emerged for different chains, a little more than a month after the restaurant group filed for bankruptcy due to increasing debt.

Twin Peaks—FAT Brands’ largest concept in terms of sales—is scheduled to be sold to TWNPKS Bid Co. via a credit bid. It is unclear who the buyer is.

Hot Dog on a Stick is set to be bought by Amazing Brands, LLC for $8 million plus the assumption of liabilities. The Nevada-based Amazing Brands, founded by Stephen Siegel, oversees Pinkbox Doughnuts, Siegel’s Bagelmania, and Piero’s Italian Cuisine.

Chain sales details

Elevation Burger will likely be purchased for $2.5 million, plus liabilities, by TABCo International Food Catering K.S.C.C., which franchises the fast-casual chain in Kuwait. The company’s LinkedIn page said it is “actively expanding and growing Elevation Burger” in the Middle Eastern country.

The remaining chains are scheduled to be bought via credit bid by FBG Bid Co., another unknown buyer. That consists of Fatburger, Round Table Pizza, Marble Slab Creamery, Johnny Rockets, Hurricane Grill & Wings, Great American Cookies, Ponderosa and Bonanza Steakhouses, Buffalo’s Cafe, Buffalo’s Express, Pretzelmaker, Yalla Mediterranean, Native Grill & Wings, and Fazoli’s.

Final court approval is scheduled for May 8.

Bankrupt FAT Brands Eyes Potential Sale CEO Andy Wiederhorn to Step Aside as FAT Brands Strikes Deal to Stabilize Bankruptcy

Smokey Bones shuttered all of its locations this week and will not be part of any purchase. The chain was acquired by FAT Brands in 2023 for the purpose of conversion into Twin Peaks restaurants.

Company history

The origin of FAT Brands dates back to 2003 when Wiederhorn took control of Fatburger. Eight years later, he purchased Buffalo’s Cafe and later developed QSR spinoff Buffalo’s Express. FAT Brands was formed in 2017 and went public soon afterward. It then bought Ponderosa and Bonanza later that year and acquired Elevation Burger in 2019. Between 2020 and 2023, the restaurant group filled out the rest of its portfolio, spending nearly $1 billion.

FAT Brands’ bankruptcy has been tumultuous, with the group and its lenders going back and forth as to whether Wiederhorn was capable of remaining in place as CEO.

The two sides eventually reached a deal in which Wiederhorn took a leave of absence, board members stepped down, and all of Wiederhorn’s family members were fired.

On Wednesday, FAT Brands and Twin Hospitality announced Keshav Lall as interim CEO. He is the founding partner of financial advisory firm Uzzi & Lall.