Twin Hospitality Inc., the parent company of Twin Peaks restaurant chain, announced Monday night that it has filed for voluntary Chapter 11 bankruptcy. The news comes a little more than a year since the Texas-based chain went public to the tune of around $1 billion.
So what happened? We’re still digging around the courts, but Twin Hospitality announced the move will “strengthen capital structure and drive long-term growth.”
“We plan to use this process to connect with key stakeholders around a value-maximizing plan and will act prudently to remain steadfast in upholding and protecting stakeholder interests,” Twin Hospitality’s statement read. “Our focus in this process remains providing quality service to our customers and supporting our franchise partners and the thousands of corporate and franchise employees.”…