Twin Peaks stock is down 95% since its IPO. | Photo: Shutterstock
Fat Brands CEO Andrew Wiederhorn is taking the reins at the Twin Peaks breastaurant chain.
Wiederhorn was named CEO of Twin Hospitality Group on Dec. 29, replacing Kim Boerema, who was terminated after just six months on the job, according to a press release.
Wiederhorn has served as Twin Hospitality chairman since August and helped guide its spinoff from Fat Brands in an IPO last January, with Fat maintaining control of 95% of Twin’s shares.
Twin Peaks has struggled, reporting four straight quarters of negative same-store sales and a loss of $26 million through the first three quarters of 2025. Its stock is down 95% since the IPO, to 70 cents as of Friday morning. It is working to restructure its debt. And the company is now on its third permanent CEO since going public. Longtime leader Joe Hummel stepped down in April, Boerema was hired in May and now Wiederhorn is taking charge.
In a statement, Wiederhorn said the company is focused on streamlining operations and improving the customer experience.
“This leadership restructuring optimizes our resources while minimizing overhead, providing additional value as we work to restructure our debt and strengthen the company for long-term success,” he said.
The company also announced that COO Roger Gondek will become president of Twin Peaks while continuing his COO duties.
Dallas-based Twin Peaks has 114 “sports lodges” in the U.S. and Mexico. It offers elevated pub fare and a wide range of beverages served by scantily clad waitresses. Fat Brands acquired it in 2021 for $300 million.
Twin Hospitality also owns the 26-unit Smokey Bones barbecue chain and has been converting some of those locations to Twin Peaks.
The move comes at a precarious moment for Fat Brands, the owner of Fatburger, Fazoli’s and other chains. The Beverly Hills, California-based company is facing a potential bankruptcy after the trustee overseeing its securitized financing demanded payment of more than $1.4 billion in debt. It was also hit with a lawsuit from a shareholder alleging that it used short-term loans to conceal a liquidity crisis.
Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.
