""Our dynamic portfolio of brands has demonstrated tremendous resilience in a challenging restaurant operating environment over the last few years," Andy Wiederhorn, CEO of FAT Brands, said in a statement when announcing the bankruptcy. "We are well positioned for long-term profitability and growth. 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.""
"FAT Brands owns 18 restaurant chains in total, including Fatburger, Round Table Pizza, Great American Cookies, and more. Most of its more than 2,200 locations worldwide are franchised. FAT Brands said in its bankruptcy filing that owns roughly 150 locations directly."
"However, the company disclosed in a bankruptcy filing on Monday that it has shuttered a number of company-owned restaurants: 14 Smokey Bones locations nationwide, along with two Johnny Rockets and five Yalla Mediterranean locations. The latter two's impacted stores are only in California."
FAT Brands filed for Chapter 11 bankruptcy protection and is seeking to reject leases for several shuttered company-owned restaurants, including Johnny Rockets, Smokey Bones, and Yalla Mediterranean locations. The company operates 18 restaurant chains and has more than 2,200 locations worldwide, most of which are franchised; roughly 150 locations are company-owned. The bankruptcy filing discloses closures of 14 Smokey Bones locations nationwide plus two Johnny Rockets and five Yalla Mediterranean stores in California. Restaurants are expected to continue operating normally during the process, and the chapter 11 process is intended to strengthen the company’s capital structure for long-term profitability and growth.
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