Fat Brands (FAT) Company Report

FAT Brands Inc. commenced voluntary chapter 11 proceedings on January 26, 2026, in the U.S. Bankruptcy Court for the Southern District of Texas to delever its balance sheet and maximize stakeholder value.
The company's 18 restaurant concepts, including iconic brands like Fatburger and Johnny Rockets, are expected to remain operating as usual during the chapter 11 process.
The Chapter 11 filing constitutes an event of default under several debt instruments, totaling approximately $1.31 billion in aggregate outstanding amount.
The Board of Directors appointed two new independent directors, Patrick Bartels and Neal Goldman, to a Special Committee to oversee restructuring, and named John DiDonato as Chief Restructuring Officer and Abhimanyu Gupta as Deputy Chief Restructuring Officer.
The company cautions that trading in its securities is highly speculative, and holders of common shares could experience a complete or significant loss on their investment.

Jan 27, 2026, 11:22 AM

8-K

FAT Brands Files for Chapter 11 Bankruptcy

FAT

Legal Proceedings

Delisting/Listing Issues

FAT Brands filed for Chapter 11 bankruptcy on January 26 in the U.S. Bankruptcy Court for the Southern District of Texas, aiming to deleverage its balance sheet and restructure debt.
The company, which owns about 18 restaurant brands and 2,200\u20132,300 locations, stated that its restaurants will continue operating as usual during the Chapter 11 process.
The filing indicates approximately $582.2 million in assets and $95.7 million in liabilities, with funds available for distribution to unsecured creditors.
Following the filing, FAT Brands' stock rose about 2.55% in after-hours trading to $0.40, and its securities will trade on NASDAQ with a "Q" suffix.

Jan 27, 2026, 2:56 AM

WSJ

FAT Brands Inc. Files for Chapter 11 Bankruptcy

FAT

Legal Proceedings

Delisting/Listing Issues

FAT Brands Inc. commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas on January 26, 2026.
The company aims to use these filings to delever its balance sheet, maximize value for stakeholders, and support the continued growth of its brands.
Its 18 restaurant concepts, including Fatburger and Johnny Rockets, are expected to continue operating as usual, and trading of FAT Brands' securities on NASDAQ will continue with a "Q" suffix.

Jan 27, 2026, 2:51 AM

Press Release

FAT Brands Discusses Strategic Growth and Debt Restructuring

FAT

Debt Issuance

New Projects/Investments

Demand Weakening

FAT Brands, a global franchise company with 18 brands, continues to expand through acquisitions, co-branding, and non-traditional locations, with high-growth brands including Fatburger, Johnny Rockets, and Twin Peaks.
The company's manufacturing facility, acquired in 2021, generates approximately $15 million of EBITDA annually and operates at 45% capacity, with potential for expansion.
FAT Brands is actively engaged in restructuring its non-recourse debt, which is held across five securitization trusts, a process complicated by rising interest rates and a challenging equity market since 2022.
Despite a 3% to 3.5% decline in same-store sales last year, the company demonstrated growth in its pipeline by selling 200 new stores and opening 70-something new stores, with plans for 100 additional openings this year.

Jan 13, 2026, 2:30 PM

Transcript

FAT Brands Discusses Growth Strategies, Debt Restructuring, and Performance at ICR Conference 2026

FAT

M&A

New Projects/Investments

Debt Issuance

FAT Brands, which owns 18 restaurant brands, reported that its manufacturing business generates $15 million of EBITDA annually and operates at 45% capacity.
The company's growth strategy includes co-branded units, which are expected to yield 10%-20% higher revenues, and the sale of over 213 incremental franchise units in 2025.
FAT Brands spun out Twin Peaks into a separate publicly traded company, retaining 95% ownership, and is converting Smoky Bones locations into Twin Peaks, with converted units seeing a double in sales.
The company is actively engaged in complex discussions to restructure its $1.3 billion in non-recourse debt, which is secured by different brands across five securitization trusts.
Despite a "cautious consumer" and a 3%-3.5% decline in same-store sales last year, FAT Brands opened over 70 new stores and plans to open approximately 100 more this year, projecting $60 million or more of free cash flow or EBITDA.

Jan 13, 2026, 2:30 PM

Transcript

FAT Brands Discusses Debt Restructuring and Business Performance

FAT

Debt Issuance

M&A

New Projects/Investments

FAT Brands is actively working to restructure its $1.3 billion non-recourse debt, which is held at the brand level across five securitization trusts and involves complex negotiations with approximately 25 investors, with discussions ongoing for 18-24 months.
The company's manufacturing operation is a strong asset, generating $15 million in annual EBITDA and currently utilizing 45% of its capacity, indicating significant growth potential.
Despite the ongoing debt discussions, the core business shows resilience, with same-store sales down 3-3.5% last year, 200 new units sold in 2025, and a plan to open 100 new stores in the current year.
FAT Brands spun out Twin Peaks into a separate publicly traded company, while retaining 95% ownership, as a strategy to raise equity and reduce debt, given unfavorable private market valuations.

Jan 13, 2026, 2:30 PM

Transcript

FAT Brands Inc. Announces Executive Retention Bonuses and Salary Increases

FAT

Executive Compensation

Legal Proceedings

On December 31, 2025, FAT Brands Inc. entered into agreements with CFO Kenneth Kuick, COO Thayer Wiederhorn, and CDO Taylor Wiederhorn regarding their compensation.
The company paid retention bonuses of $500,000 to Kenneth Kuick, $550,000 to Thayer Wiederhorn, and $550,000 to Taylor Wiederhorn on January 2, 2026, after they waived their unpaid fiscal year 2024 bonuses.
Effective January 1, 2026, these executive officers also received a base salary increase from $550,000 to $950,000.
The retention bonuses and salary increases are subject to repayment if the executives voluntarily terminate employment or are terminated for cause before June 30, 2026, or an earlier "Emergence Date" related to potential Chapter 11 proceedings.

Jan 7, 2026, 9:53 PM

8-K

FAT Brands Inc. Faces Debt Acceleration and Director Resignation

FAT

Legal Proceedings

Board Change

FAT Brands Inc. received an Acceleration Notice on November 25, 2025, from UMB Bank, National Association, declaring the $158.9 million outstanding principal and approximately $9.9 million in accrued interest on its FB Resid Notes immediately due and payable.
The company's subsidiary, FB Resid, does not currently have the funds to cover these obligations, which could materially and adversely affect the company's financial condition and potentially result in a bankruptcy proceeding.
The FB Resid Notes are secured by 44,638,745 shares of Class A Common Stock of Twin Hospitality Group Inc., representing approximately 22.5% of its voting control, which the trustee may now direct the sale or disposition of.
On the same day, James Ellis resigned as a director of FAT Brands Inc. and its subsidiary Twin Hospitality Group Inc., effective immediately, citing personal reasons.

Dec 2, 2025, 9:35 PM

8-K

FAT Brands Inc. receives acceleration notices on securitization notes

FAT

Debt Issuance

Legal Proceedings

FAT Brands Inc. received Acceleration Notices on November 17, 2025, from UMB Bank, National Association, concerning Securitization Notes issued by four of its special purpose financing subsidiaries.
The notices declare the $1,256.5 million aggregate principal amount (or $1,153.6 million net of retained notes) and approximately $43.2 million in accrued and unpaid interest under the Accelerated Notes immediately due and payable.
The Company and its Securitization Issuers do not currently possess the funds to pay these amounts.
This acceleration, or any subsequent foreclosure, may materially and adversely affect the Company's business, financial condition, and liquidity, and could lead to the Company and/or its subsidiaries seeking to reorganize through a bankruptcy proceeding.

Nov 21, 2025, 9:55 PM

8-K

FAT Brands Announces Q3 2025 Results

FAT

Earnings

Demand Weakening

New Projects/Investments

FAT Brands reported total revenue of $140.0 million for Q3 2025, a decrease from $143.4 million in Q3 2024.
System-Wide Sales for Q3 2025 were $567.5 million, reflecting a 5.5% decline system-wide and a 3.5% decline in same-store sales.
Adjusted EBITDA for Q3 2025 was $13.1 million, down from $14.1 million in Q3 2024.
The company opened 13 new stores during Q3 2025.