Twin Peaks opened its first store in 2005 in Lewisville, Texas, a suburb of Dallas.
Luxury retailer Saks Global files for bankruptcy amid debt crisis
Luxury retailer Saks Global has filed for bankruptcy. The stores remain open today after securing a $1.75 billion funding package and appointing a new CEO.
Just a year after Hooters closed multiple locations, the parent company of similarly styled sports bar Twin Peaks filed for bankruptcy.
Twin Hospitality Group, the parent company of Twin Peaks Restaurants, announced on Monday, January 26, that it has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas.
The bankruptcy filing comes just months after Fat Brands, the parent company of Twin Hospitality Group and restaurant brands such as Fatburger, Great American Cookies and Fazoli’s, began converting the Smokey Bones barbecue restaurant into Twin Peaks. Phat Brands acquired Smokey Bones in 2023 and has closed some stores and converted others in recent years. As of September 2025, 15 Smokey Bones stores have permanently closed, according to a previous USA TODAY report.
In March 2025, Hooters also filed for Chapter 11 bankruptcy in an attempt to resolve $376 million in debt by selling its restaurants to franchisees, and in June 2025, more than 30 Hooters stores closed.
The first hearing in Twin Hospitality Group’s bankruptcy filing will be held on Wednesday, January 28th.
Will Twin Peaks restaurants close?
Twin Peaks opened its first store in 2005 in Lewisville, Texas, a suburb of Dallas.
The restaurant chain, which operates 114 locations in the U.S. and Mexico, plans to remain open through the process, according to a news release.
Why did Twin Peaks file for bankruptcy?
Market conditions in recent years have been difficult and largely unexpected, according to a statement from Phat Brands, the parent company of Twin Hospitality Group, obtained by USA TODAY. Brands like Twin Peaks remain strong, but market conditions pose challenges to debt restructuring.
Contributed by: Reuters
Greta Cross is USA TODAY’s national trends reporter. Story ideas? Email her at gcross@usatoday.com.
