twinpeaksrestaurant.com
ADDISON, Texas - The Dallas-based parent company of Twin Peaks, Twin Hospitality Group Inc., has filed for Chapter 11 bankruptcy protection as it works to restructure its debt and strengthen its financial position.
What we know:
In a news release on Monday, Twin Peaks Restaurant announced it has initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas.
Twin Hospitality said the filing is intended to reduce debt, maximize value for stakeholders and support long-term growth of its restaurant brands.
Operations to continue unchanged
Twin Hospitality operates and franchises the Twin Peaks sports bar chain. The parent company said all Twin Peak restaurants are expected to remain open and continue normal operations throughout the bankruptcy process.
What they're saying:
Chief Executive Officer Andy Wiederhorn said the company views the restructuring as a step toward long-term expansion, particularly for the Twin Peaks brand.
"Twin Peaks has redefined the sports bar experience and built an iconic and highly profitable business," Wiederhorn said in a statement. "The Chapter 11 process will enable us to strengthen our balance sheet and create financial flexibility to advance this growth."
The company said information related to the bankruptcy proceedings and the claims process will be available through Omni Agent Solutions, which is serving as the court-appointed claims and notice agent.
What is Twin Peaks?
Big picture view:
Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks operates 114 locations across the United States and Mexico. The chain is known for its sports-focused atmosphere, made-from-scratch menu items and lodge-style decor.
The Source: Information in this article was provided by Twin Peaks Restaurant.