Smokey Bones, a popular barbecue restaurant chain with locations across the U.S., is closing 15 underperforming locations as part of a comprehensive restructuring effort.
Smokey Bones originally had 60 locations when Fat Brands Inc. — which owns chains like Fatburger and Round Table Pizza — acquired the company in 2023. However, Twin Hospitality Group Inc., parent company of Twin Peaks, acquired the brand earlier this year.
While reviewing the overall Smokey Bones portfolio, Twin Hospitality said it discovered 15 "underperforming" restaurants.
According to a press release from Twin Hospitality, 10 of the locations have already been closed, and the remaining five will be closed before the end of the third fiscal quarter. It did not specify which locations were closing.
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Shortly after acquiring Smokey Bones, Twin Hospitality decided to convert 19 locations into "better-performing Twin Peaks lodges."
Two conversions are already complete. According to Twin Hospitality, these locations now "generate significantly higher average unit volumes of approximately $7.8 million, compared to approximately $3.5 million as Smokey Bones."
The third conversion is currently underway and should open later this year, the company said.
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After the closure of 15 locations and the conversion of 19 locations into Twin Peaks restaurants, 26 Smokey Bones locations will remain. These remaining 26 Smokey Bones locations are "generating positive cash flow," according to the company.
Twin Peaks is an American chain of rustic, outdoor-themed restaurants that first opened in Texas. It is known partly for its scantily-clad "Twin Peaks Girls" servers, similar to those of Hooters restaurants.
