Twin Hospitality Group (NASDAQ:TWNP), the parent company of the Twin Peaks and Smokey Bones restaurant brands, announced it has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas.
The company intends to use the process to deleverage its balance sheet, maximize value for stakeholders, and support the ongoing growth of its specialty casual dining concepts.
Twin Hospitality develops and operates Twin Peaks, known for its sports bar experience, and Smokey Bones, a barbecue-focused chain.
The company emphasized that all locations will remain open and continue operating as usual throughout the Chapter 11 process, delivering the same signature guest experiences.
Trading of Twin Hospitality’s securities on Nasdaq is expected to continue with a “Q” suffix during this period.
The filing reflects a strategic restructuring effort to address debt levels while preserving operational continuity and positioning the company for long-term growth in the competitive casual dining sector.
Twin Hospitality will work closely with stakeholders, including creditors and franchisees, to develop and implement a reorganization plan through the Chapter 11 process.