Twin Peaks franchisees take over management, no staffing cuts planned

Twin Peaks is handing the keys to a group of franchise operators as it works through bankruptcy, and the company says the reset will not come with layoffs. Summit Acquisitions, LLC, which includes 3BMgmnt Inc., JEB Food Group and Operadora 2 Montes, has taken a strategic advisory role for bondholders as the brand prepares to return to private ownership as Summit Twin Hospitality I, LLC.

The company is keeping its current leadership intact, including President and Chief Operating Officer Roger Gondek, Chief Marketing Officer Melissa Fry, Chief People Officer Lexi Burns and Chief Financial Officer Scott Gray. Twin Peaks also said no staffing reductions were planned and that it expects to add team members as it opens new lodges and expands its franchised system. That is the operational bet behind this kind of bankruptcy exit: keep the people who know the restaurants, avoid breaking the labor model, and try to prove the business can still grow without a deep reset in the workforce.

For restaurant employees, that distinction matters more than the ownership change itself. A chain can dress up a transition as a strategic relaunch, but the real signal is whether hourly teams keep their hours, managers keep enough labor on the schedule, and growth turns into more hiring instead of thinner shifts. In the Chipotle world, workers know the same warning signs apply when a brand talks about a turnaround: whether advancement paths stay open, whether staffing levels match volume, and whether frontline leaders are being asked to do more with less.

Twin Peaks said it had more than 115 locations at the end of 2025, with 75 franchise-owned and 35 company-run restaurants. The brand was founded in 2005 in a Dallas suburb and was acquired by Fat Brands in 2021, before FAT Brands and Twin Hospitality Group filed Chapter 11 on Jan. 26 in the Southern District of Texas before Judge Alfredo R. Perez. A judge later approved the sale of Twin Peaks to bondholders for a $359.5 million credit bid.

The broader restructuring also matters because Twin Peaks was only one piece of a much larger portfolio cleanup. The larger FAT Brands deal closed with a $595 million asset sale covering 13 concepts and more than 1,700 restaurants worldwide. Even after the bankruptcy process, Twin Peaks is still adding locations: it opened a lodge in Omaha, Nebraska, signed a development agreement with New London Hospitality to expand into Connecticut, added another agreement for Brownsville, South Padre Island and Laredo in South Texas, and plans to open in Kissimmee, Florida, on June 29. Kratos Capital and Kratos Capital Markets served as exclusive financial advisers to Summit Acquisitions, reinforcing that this was built as an operator-led handoff, not a shutdown play.