Restaurant Business Online
Bankruptcy court approves the sale of Fat Brands to multiple buyers
20 May 2026
A court gave its OK to the sale of of Twin Peaks, Hot Dog on a Stick, Elevation Burger and the rest of the company in four separate deals, mostly to lenders.
Read full article at Restaurant Business Online →Michele's take
The Fat Brands court-approved sale to multiple buyers — largely to lenders converting debt to ownership — is a textbook example of what happens when a holding company prioritizes aggressive acquisition over operational integration and balance sheet discipline. Four separate deals signal that no single strategic buyer saw enough coherent value in the portfolio as a whole, which tells franchise operators everything they need to know about the risks of brand aggregation without a unifying operating thesis. For franchisees across these systems, the immediate priority is understanding who now controls their franchise agreements and whether incoming owners have QSR operational depth or are simply asset managers looking for an exit — those are two very different futures.