Twin Peaks Parent Company Files for Bankruptcy

Twin Hospitality operates two restaurant concepts: Twin Peaks, a sports lodge concept with 114 locations in the United States and Mexico, and Smokey Bones, a barbecue restaurant chain.

Rudy Blalock

Published: 1/31/2026, 4:22:16 AM EST

Twin Peaks Parent Company Files for Bankruptcy — A Twin Peaks restaurant in Waco, Texas, in 2015. (Erich Schlegel/Getty Images)

Twin Hospitality Group Inc., the parent company behind the sports bar chain Twin Peaks, entered voluntary Chapter 11 bankruptcy protection on Monday, the company said.

The Dallas-area restaurant operator filed its bankruptcy petition in the Bankruptcy Court for the Southern District of Texas.

Twin Hospitality operates two restaurant concepts: Twin Peaks, a sports lodge concept with 114 locations in the United States and Mexico, and Smokey Bones, a barbecue restaurant chain. According to the company, both brands are expected to remain open and fully operational throughout the bankruptcy proceedings.

"Twin Peaks has redefined the sports bar experience and built an iconic and highly profitable business," Andy Wiederhorn, CEO of Twin Hospitality, said in a press release making the announcement. "The chapter 11 process will enable us to strengthen our balance sheet and create financial flexibility to advance this growth."

The bankruptcy filing allows the company to reorganize its debt structure while continuing to serve customers and support franchise partners. Trading of Twin Hospitality's stock will continue on NASDAQ under the ticker symbol TWNP, though the ticker will display a "Q" marking the company's bankruptcy status.

"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. "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."

Details about the bankruptcy proceedings and information for creditors can be found at a dedicated website maintained by Omni Agent Solutions.

Twin Peaks, founded in 2005 in the Dallas suburb of Lewisville, has become a dominant player in the sports bar segment. The concept is known for made-from-scratch menu items, including smashed and seared-to-order burgers and in-house smoked brisket and wings, alongside what the company describes as "the coldest beer in the business." The restaurant features wall-to-wall televisions and scenic views designed to create what the company calls "the ultimate sports lodge" experience.

Smokey Bones, which operates as a full-service barbecue restaurant, has undergone major restructuring in recent months. In September, the company appointed Ken Brendemihl as president of Smokey Bones and announced closures of underperforming locations. Brendemihl brought more than 25 years of restaurant industry experience to the position.

The Smokey Bones restructuring included strategic conversions of locations into Twin Peaks sports bars, which generated significantly higher revenue per location. Two completed conversions achieved average unit volumes of approximately $7.8 million compared to $3.5 million when operating under the Smokey Bones brand, the company said at the time.

Twin Hospitality's bankruptcy comes as the casual dining sector faces mounting pressures. The filing follows similar restructurings by other restaurant operators, including Hooters, which filed for Chapter 11 protection in March 2025 as it transitioned to a franchise-only business model.

FAT Brands Inc., the parent company of Fatburger, Johnny Rockets, Round Table Pizza, and other restaurant chains, also filed for Chapter 11 bankruptcy this month.