Twin Peaks’ new owners may not keep the brand for long.
A group of the casual-dining chain’s franchisees will oversee the company’s operations and growth strategy as a strategic advisor to the brand’s owners—a group of Fat Brands’ now-former bondholders that acquired the chain out of bankruptcy earlier this month.
More notable, perhaps, is this: The group will work toward buying the company.
Existing management, led by Twin Peaks President Roger Gondek and Chief Marketing Officer Melissa Fry, Chief People Officer Lexi Burns, and Chief Financial Officer Scott Gray will remain in place. Twin Peaks will not cut staff and the company said it will add more employees as the brand grows.
“This transition gives our team the foundation we’ve needed to execute on the vision we’ve always had for this brand,” Gondek said in a statement. “We have a strong system, exceptional operators, and enviable guest loyalty, and now we have the financial footing to match. The best days for Twin Peaks are ahead.”
A federal bankruptcy court judge approved the sale of Twin Peaks to a group of bondholders for a credit bid of $359.5 million in debt converted to equity. The chain was sold apart from the rest of Fat Brands, which was also bought by bondholders. Hot Dog on a Stick and Elevation Burger were also sold in separate deals.
Twin Peaks will also return to its status as a privately-held company, operating as Summit Twin Hospitality I, LLC, according to a release.
The franchisees that make up Summit Acquisition include 3BMgmnt, JEB Food Group, and Operadora 2 Montes, the latter being a franchisee of the chain out of Mexico.
The brand currently operates 115 locations. As of the end of 2025, 75 of Twin Peaks locations were owned by franchisees, the remaining 35 were company-run locations. It also has a growing development pipeline, including a recently opened location in Omaha. It has plans to expand into Connecticut and several Texas cities. It is set to open a location in Kissimmee, Florida.
The announcement comes as the chain prepares for major sporting events, notably the 2026 FIFA World Cup in the U.S., which could prove to be a boon to the comeback of Twin Peaks, a chain of sports bars.
Twin Peaks was founded in 2005 in a Dallas suburb, part of a generation of so-called breastaurant chains combining typically young, female waitstaff in skimpy outfits in large-volume sports bars.
Fat Brands acquired the chain in 2021 as part of a series of aggressive deals for restaurant chains.
The chain was spun off as a separate public company early last year, but the brand struggled under the weight of management changes and financial challenges. Same-store sales had been declining for two straight years leading up to the company’s bankruptcy in January.
UPDATE: This story has been update to change the number of locations and the name of one of the franchisees. It has also been changed to remove the timeline for when the franchisees could buy the company.
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