Twin Hospitality Group Inc. (TWNP)

Twin Hospitality Group Inc. was the parent of the Twin Peaks and Smokey Bones restaurant brands. Twin Peaks is a sports lodge concept with a mountain-lodge theme, large television displays and a menu of wings, burgers, smoked meats and beer. The first Twin Peaks restaurant opened in 2005 in the Dallas area, and the chain grew through company-owned and franchised locations across the United States.

Smokey Bones, a barbecue-focused restaurant chain, was acquired by FAT Brands in 2023 and was placed under the Twin Hospitality umbrella. Twin Peaks had been acquired by FAT Brands in 2021, and the two brands were grouped to give investors direct exposure to the company's casual dining operations. Smokey Bones was later converted or closed in a number of locations as the company changed its strategy for the brand.

Twin Hospitality was a majority-owned subsidiary of FAT Brands, which spun the business out in January 2025 by listing Class A shares on Nasdaq under the symbol TWNP. FAT Brands retained control through its holdings of the company's high-vote stock. The new listing was intended to let Twin Hospitality raise capital on its own, but the shares traded lower than the initial offering price.

The company carried substantial debt, with securitized notes and other financing obligations secured by its restaurant brands and franchise royalties, and it paid significant interest costs. Same-store sales were uneven, and consumer pressure on casual dining, along with its parent's own leverage and liquidity concerns, added to financial stress. These pressures led to a restructuring through the bankruptcy process.

In late January 2026, Twin Hospitality and certain affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code. On January 28, 2026, Nasdaq staff notified the company that it no longer qualified for listing, citing Listing Rules 5101, 5110(b) and IM-5101-1, which relate to bankruptcy filings and public-interest concerns. Trading in the Class A common stock was suspended on February 4, 2026 and the staff determination became final.

After suspension, the shares were quoted over the counter under the symbol TWNPQ. Nasdaq issued a formal delisting determination on May 11, 2026, and removal from listing and registration became effective at the opening of trading on June 15, 2026. No acquisition was involved. Any recovery for equity holders depends on the outcome of the Chapter 11 plan process. The company's restaurants, including the Twin Peaks and Smokey Bones locations, were expected to continue operating during the proceedings while the restructuring was negotiated with creditors.