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Wetzel replaces outgoing CEO Charles Watson, who led the rapidly growing healthful fast-casual concept for six years through an acquisition.

Reality Check: A letter mailed to shareholders Monday repeats a detailed inventory of the investor's alleged faults as a business leader.

The owner of Fatburger and Johnny Rockets filed a registration statement with the SEC to spin off 5% of shares in Twin Peaks to existing shareholders. The casual-dining chain will become an independent, publicly traded company.

The casual-dining chain blamed COVID-19 and its capital structure for its financial troubles. Its restaurants will continue operating as it works to restructure.