Los Angeles — FAT (Fresh. Authentic. Tasty.) Brands Inc. has commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. FAT Brands plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders and support continued growth of its brands.
FAT Brands’ portfolio of 18 restaurant concepts encompasses more than 2,200 locations worldwide. Iconic brands such as Fatburger, Johnny Rockets and Round Table Pizza, among others, are expected to remain operating as usual during the chapter 11 process.
“Our dynamic portfolio of brands has demonstrated tremendous resilience in a challenging restaurant operating environment over the last few years. 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,” says Andy Wiederhorn, CEO of FAT Brands. “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 over 45,000 corporate and franchise employees.”
Latham & Watkins LLP is serving as legal counsel to the company. GLC Advisors & Co., LLC is serving as investment banker, Huron Consulting Services LLC is serving as financial advisor, and Omni Agent Solutions, Inc. is serving as claims, noticing and solicitation agent.
FAT Brands is a leading global franchising company that strategically acquires, markets and develops fast-casual, quick-service, casual dining and polished casual dining concepts around the world. The company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,200 units worldwide. For more information, visit www.fatbrands.com.
SOURCE: FAT Brands