"The company's portfolio includes several brands with roots in the Southland. It owns retro diner chain Johnny Rockets, founded in 1986 on Los Angeles' Melrose Avenue; shopping mall staple Hot Dog on a Stick, founded in 1964 in Santa Monica; and hamburger chain Fatburger, founded in 1947 in Los Angeles' Exposition Park neighborhood. Fat Brands also has investments in two brands that got their start in the Bay Area: pizza chain Round Table Pizza, founded in 1959 in Menlo Park."
"The company has accumulated more than $1 billion in debt, according to its Securities and Exchange Commission . The company filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. "Our dynamic portfolio of brands has demonstrated tremendous resilience in a challenging restaurant operating environment over the last few years," Fat Brands Chief Executive Andrew Wiederhorn said in a statement. Chapter 11 protection will give the company an opportunity to "strengthen our capital structure to support our concepts," he said."
Fat Brands Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas to restructure more than $1 billion in debt accumulated during expansion. The company holds 18 restaurant concepts, including Johnny Rockets, Fatburger, Round Table Pizza, Hot Dog on a Stick and Yalla Mediterranean, with over 2,200 locations worldwide and more than 90% franchised. Chapter 11 is intended to strengthen the company’s capital structure to support its concepts. Shares plunged sharply and the company previously received a Nasdaq delisting notice, while restaurants are expected to remain operating.
Read at Los Angeles Times
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