Welcome to Extreme Investor Network, where we bring you the latest and most exclusive business news updates to help you make informed investment decisions. Today, we have some exciting news about Fat Brands and its plans for an initial public offering of its Twin Peaks and Smokey Bones restaurant chains.
Fat Brands recently announced that it has confidentially filed to take Twin Peaks and Smokey Bones public through an IPO, despite facing legal challenges. Last week, federal authorities charged the restaurant company and its chair, Andy Wiederhorn, for an alleged $47 million bogus loan scheme. However, Fat Brands and Wiederhorn have denied the charges.
Twin Peaks, known for its sports bar atmosphere and revealing uniforms worn by female staff, has grown to nearly 115 locations in the U.S. and Mexico since its founding in 2005. Fat Brands acquired the chain in 2021 as part of its expanding portfolio, which includes 18 chains. Similarly, Smokey Bones, a barbecue chain previously owned by Darden Restaurants, was acquired by Fat Brands in 2023 with plans to convert many of its restaurants into Twin Peaks locations.
Wiederhorn, who holds a 45% stake in Fat Brands through Fog Cutter Holdings, expressed the company’s goal of using the proceeds from the potential IPO to deleverage its balance sheet during a recent conference call. Despite a 9% decline in shares this year, Fat Brands remains focused on its growth and expansion plans.
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