Major Hooters Competitor Declares Bankruptcy on Two Stores Amid $12 Million Lawsuit

Hooters and Twin Peaks occupy a specialized market in the restaurant industry that has been somewhat grandfathered into modern culture.

Now that the owner of two Twin Peaks restaurants in Florida has filed for Chapter 11 bankruptcy protection, Hooters may have a few fewer outlets to contend with.

Nation’s Restaurant News reports that Davie, Florida-based DMD Ventures has declared bankruptcy.

For its two related companies, DMD Florida Development 2, LLC and DMD Florida Restaurant Groups C and D LLC, which own and run two distinct Twin Peaks restaurants, the corporation has simultaneously filed for bankruptcy.

Additionally, they are in some deep waters. Approximately $1 million in assets and $10–50 million in debt to creditors are listed in the bankruptcy documents.

One of DMD Ventures’ largest debtors, Florida Restaurant Franchise Group, is now suing the company for $12 million.

This bankruptcy petition coincides with Twin Peaks’ planned initial public offering (IPO), which is scheduled for early 2025. This is an intriguing development.

The U.S. Securities and Exchange Commission has received a Form 10 Registration Statement for Twin Hospitality Group from Fat Brands, the company that owns the Twin Peaks brand.

Twin Hospitality Group intends to spin off Twin Peaks to stockholders, giving them 5% of the new company’s shares while keeping the remaining 95% for Fat Brands, according to Restaurant Business.

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