FAT Brands Inc., the parent company of popular restaurant chains including Fatburger, Johnny Rockets, and Round Table Pizza, announced Monday it has filed for voluntary Chapter 11 bankruptcy protection.
The Beverly Hills-based restaurant franchising company submitted its filing in the U.S. Bankruptcy Court for the Southern District of Texas. The move comes as FAT Brands seeks to reduce debt and strengthen its financial position while maintaining normal operations across its extensive portfolio of restaurants.
The company's collection of 18 restaurant brands spans more than 2,200 locations worldwide. Well-known chains such as Fatburger, Johnny Rockets, Round Table Pizza, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, and others are expected to continue serving customers without interruption during the bankruptcy proceedings.
Trading of FAT Brands' stock on the NASDAQ exchange will persist with a "Q" designation appended to the ticker symbol throughout the restructuring period.
"Our dynamic portfolio of brands has demonstrated tremendous resilience in a challenging restaurant operating environment over the last few years," said Andy Wiederhorn, CEO of FAT Brands, in a statement. "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."
Wiederhorn highlighted the company's commitment to its various stakeholders during the reorganization process.
"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," Wiederhorn said.
Charges Dropped
The bankruptcy filing comes six months after Wiederhorn and two other defendants saw criminal charges against them dismissed for alleged money laundering and fraud. In July 2025, the U.S. Attorney for the Central District of California filed a motion to drop all charges against Wiederhorn, Rebecca Hershinger, and William Amon, according to a company press release from that time.Wiederhorn and his legal team had maintained his innocence throughout the case, asserting the matter involved no criminal wrongdoing, victims, or financial losses.
"From day one, we have maintained Andy's innocence," said Nick Hanna of Gibson Dunn, who served as Wiederhorn's counsel and previously held the position of U.S. Attorney for the Central District of California. "We are extremely grateful that the U.S. Attorney's Office listened to our arguments and determined, in the interests of justice, that all charges should be dropped."
Information regarding the bankruptcy proceedings and claims process can be accessed through a dedicated website maintained by Omni Agent Solutions Inc., the company's claims and noticing agent, at omniagentsolutions.com/FatBrands-TwinHospitality.
The company has retained Latham & Watkins LLP as legal counsel, GLC Advisors & Co. LLC as investment banker, and Huron Consulting Services LLC as financial advisor for the restructuring process.