Infamous ‘Breastaurant’ Chain Files for Bankruptcy. Here’s What Could Happen to Its 114 Locations
‘Breastaurants’ are proving to be a bad investment. Just one year after Hooters closed several locations and rebranded as a family-friendly eatery, yet another restaurant chain known for pairing scantily clad waitresses with wings and beer is having to rethink its business model.
On Monday, Twin Hospitality Group, the parent company behind Twin Peaks Restaurant, announced that they have filed for Chapter 11 bankruptcy in their home state of Texas.
The writing was somewhat on the wall, according to USA Today, to anyone paying attention to what was going on behind the scenes at Fat Brands, which owns Twin Hospitality Group as well as other restaurants including Fatburger. When Fat Brands acquired Smokey Bones, a barbecue restaurant chain, they soon began converting previous Smokey Bones eateries into new Twin Peaks locations, kicking off in Lakeland, Florida, in September 2024.
One year later, according to USA Today, a total of 15 Smokey Bones restaurants were permanently closed.
What Will Happen to Twin Peaks' 114 Restaurants?
Despite the bankruptcy filing, the company doesn’t anticipate any immediate changes to the 114 restaurants it operates in the U.S. and Mexico.
“Twin Peaks has redefined the sports bar experience and built an iconic and highly profitable business,” Twin Hospitality CEO Andy Wiederhorn said in a press release. “We are confident that the brand remains positioned for meaningful global expansion in the years to come.”
As for Monday’s filing, Wiederhorn thinks it just makes good business sense.
“The chapter 11 process will enable us to strengthen our balance sheet and create financial flexibility to advance this growth,” he said. “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.”