Fat Brands, the owner of the Fat Burger brand and a company listed on NASDAQ, has announced the commencement of voluntary restructuring proceedings under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Southern District of Texas, according to Bloomberg. Fat Brands intends to use these proceedings to reduce its debt load, maximize shareholder value, and support the continued growth of its brands, while its restaurants continue to serve customers. Fat Brands' portfolio includes 18 restaurant brands with over 2,200 locations worldwide, including Buffalo's Cafe, Buffalo's Express, Round Table Pizza, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Smokey Bones, Great American Cookies, Hot Dog on a Stick, Hurricane Grill & Wings, Pretzelmaker, Elevate Burger, Native Grill & Wings, Yalla Mediterranean, Bondi Rosa, and Bonanza Steakhouse. It is expected that well-known brands, such as Fat Burger, will continue to operate as usual during the restructuring period, offering their distinctive dining experiences, while the company's stock will continue to trade on NASDAQ with the addition of a 'Q' suffix during this time. The company's CEO, Andy Wiederhorn, stated that this action aims to strengthen the company's capital structure.
