FAT Brands Announces Opening of First Twin Peaks Conversion from a Smokey Bones
FAT Brands Inc. (NASDAQ: FAT) has announced the opening of its first converted Smokey Bones location to Twin Peaks in Lakeland, Florida. This move is part of FAT Brands' strategy to fuel growth for Twin Peaks, its fastest-growing brand, by converting select Smokey Bones locations. The company has identified approximately 30 Smokey Bones locations for potential conversion over the next several years.
Ken Kuick, Co-CEO and CFO of FAT Brands, highlighted that this conversion strategy provides a significant return on investment by reducing construction time by about a year and a half. Twin Peaks, known for its strong and growing average-unit volumes, is expected to benefit from this expansion plan as it continues to redefine the polished casual dining sector.
FAT Brands Inc. (NASDAQ: FAT) ha annunciato l'apertura della sua prima località di Smokey Bones convertita a Twin Peaks a Lakeland, Florida. Questa mossa fa parte della strategia di FAT Brands per stimolare la crescita di Twin Peaks, il suo marchio in più rapida espansione, convertendo alcune località di Smokey Bones. L'azienda ha identificato circa 30 località di Smokey Bones per una possibile conversione nei prossimi anni.
Ken Kuick, Co-CEO e CFO di FAT Brands, ha sottolineato che questa strategia di conversione offre un ritorno sugli investimenti significativo, riducendo il tempo di costruzione di circa un anno e mezzo. Twin Peaks, nota per i suoi forti e crescenti volumi medi per unità, si prevede beneficerà di questo piano di espansione mentre continua a ridefinire il settore della ristorazione casual di alta gamma.
FAT Brands Inc. (NASDAQ: FAT) ha anunciado la apertura de su primera ubicación convertida de Smokey Bones a Twin Peaks en Lakeland, Florida. Este movimiento es parte de la estrategia de FAT Brands para impulsar el crecimiento de Twin Peaks, su marca de más rápido crecimiento, mediante la conversión de ciertas ubicaciones de Smokey Bones. La compañía ha identificado aproximadamente 30 ubicaciones de Smokey Bones para una potencial conversión en los próximos años.
Ken Kuick, Co-CEO y CFO de FAT Brands, destacó que esta estrategia de conversión proporciona un retorno significativo de la inversión al reducir el tiempo de construcción en aproximadamente un año y medio. Twin Peaks, conocida por sus fuertes y crecientes volúmenes promedio por unidad, se espera que se beneficie de este plan de expansión mientras continúa redefiniendo el sector de la restauración casual de alta gama.
FAT Brands Inc. (NASDAQ: FAT)는 플로리다주 레이크랜드에 있는 첫번째 Smokey Bones 매장을 Twin Peaks로 전환한다고 발표했습니다. 이 조치는 FAT Brands의 가장 빠르게 성장하는 브랜드인 Twin Peaks의 성장을 촉진하기 위한 전략의 일환으로, 특정 Smokey Bones 매장을 전환하는 것입니다. 회사는 향후 몇 년 동안 약 30개의 Smokey Bones 매장을 전환할 가능성이 있다고 밝혔습니다.
FAT Brands의 공동 CEO이자 CFO인 Ken Kuick는 이 전환 전략이 약 1년 반 정도의 건설 시간을 줄임으로써 상당한 투자 수익을 제공한다고 강조했습니다. 강력하고 성장하는 평균 단위 볼륨으로 알려진 Twin Peaks는 이 확장 계획 덕분에 혜택을 받을 것으로 기대되며, 고급 캐주얼 다이닝 부문을 계속해서 재정의할 것입니다.
FAT Brands Inc. (NASDAQ: FAT) a annoncé l'ouverture de son premier emplacement Smokey Bones converti en Twin Peaks à Lakeland, en Floride. Ce mouvement fait partie de la stratégie de FAT Brands pour stimuler la croissance de Twin Peaks, sa marque à la croissance la plus rapide, en convertissant certains emplacements Smokey Bones. L'entreprise a identifié environ 30 emplacements Smokey Bones pour une conversion potentielle au cours des prochaines années.
Ken Kuick, Co-CEO et CFO de FAT Brands, a souligné que cette stratégie de conversion offre un retour sur investissement significatif en réduisant le temps de construction d'environ un an et demi. Twin Peaks, connu pour ses volumes moyens par unité forts et croissants, devrait bénéficier de ce plan d'expansion alors qu'il continue de redéfinir le secteur de la restauration décontractée haut de gamme.
FAT Brands Inc. (NASDAQ: FAT) hat die Eröffnung seiner ersten umgebauten Smokey Bones-Standorte zu Twin Peaks in Lakeland, Florida, angekündigt. Dieser Schritt ist Teil der Strategie von FAT Brands, das Wachstum von Twin Peaks, seiner am schnellsten wachsenden Marke, durch die Umwandlung ausgewählter Smokey Bones-Standorte zu fördern. Das Unternehmen hat etwa 30 Smokey Bones-Standorte identifiziert, die in den nächsten Jahren potenziell umgewandelt werden sollen.
Ken Kuick, Co-CEO und CFO von FAT Brands, hob hervor, dass diese Umwandlungsstrategie einen signifikanten Return on Investment bietet, indem sie die Bauzeit um etwa anderthalb Jahre verkürzt. Twin Peaks, bekannt für seine starken und wachsenden durchschnittlichen Verkaufszahlen pro Einheit, wird voraussichtlich von diesem Expansionsplan profitieren, während es weiterhin den Bereich der gehobenen Casual-Dining-Restaurants neu definiert.
- Conversion strategy reduces construction time by approximately 1.5 years
- Twin Peaks is FAT Brands' fastest-growing concept with strong average-unit volumes
- Pipeline of about 30 Smokey Bones locations identified for potential conversion
- Strategy expected to drive robust expansion plans for Twin Peaks domestically
- None.
Insights
FAT Brands' strategy to convert Smokey Bones locations to Twin Peaks is a smart move for accelerating growth and improving profitability. The conversion process saves approximately 18 months of construction time, significantly reducing capital expenditure and time-to-market. This approach allows FAT Brands to leverage existing real estate and infrastructure, potentially leading to faster ROI.
Twin Peaks, as FAT Brands' fastest-growing concept with strong and growing average-unit volumes, presents an opportunity for increased revenue per location. The pipeline of 30 planned conversions over the next few years could substantially boost FAT Brands' top-line growth. However, investors should monitor the conversion costs and performance metrics of these new Twin Peaks locations to ensure the strategy delivers the expected returns.
The conversion strategy aligns well with current market trends in the restaurant industry. Polished casual dining, which Twin Peaks represents, has been gaining traction among consumers seeking elevated dining experiences. This move allows FAT Brands to capitalize on changing consumer preferences while optimizing its real estate portfolio.
The success of this strategy will largely depend on local market dynamics and Twin Peaks' ability to attract a different customer base than Smokey Bones. Investors should watch for cannibalization risks and monitor customer reception in converted locations. Additionally, the focus on Twin Peaks expansion suggests FAT Brands sees long-term growth potential in the sports bar concept, which could indicate a shift in the company's overall portfolio strategy.
Fast-Growing Sports Lodge Fuels Additional Growth Through Sister Brand Conversion Strategy
LOS ANGELES, Sept. 17, 2024 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc., (NASDAQ: FAT), a leading global franchising company and parent company of 18 iconic brands including Twin Peaks, is pleased to announce the opening of the first converted Smokey Bones location to Twin Peaks in Lakeland, Florida.
Since acquiring Smokey Bones last year, FAT Brands has identified a select number of Smokey Bones locations to convert to its fastest-growing brand, Twin Peaks. The global restaurant franchising company has identified this strategy as a key growth pillar for the brand and currently has a pipeline of approximately 30 Smokey Bones locations they are looking to convert over the next several years.
“Converting Smokey Bones locations to Twin Peaks provides a significant return on investment as altering a standing restaurant with similar square footage and real estate draw like Smokey Bones cuts out about a year and a half of construction time,” said Ken Kuick, Co-CEO and CFO of FAT Brands. “Twin Peaks is our fastest-growing concept, producing strong and growing average-unit volumes. We believe this strategy will further drive the brand’s robust expansion plans domestically as it continues to redefine the polished casual dining sector.”
For more information on FAT Brands, visit www.fatbrands.com.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Twin Peaks
Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks has over 110 locations in the US and Mexico. Twin Peaks is the ultimate sports lodge featuring made-from-scratch food and the coldest beer in the business, surrounded by scenic views and wall-to-wall TVs. At every Twin Peaks, guests are immediately welcomed by a friendly Twin Peaks Girl and served up a menu made for MVPs. From its smashed and seared-to-order burgers to its in-house smoked brisket, and wings, guests can expect menu items that satisfy every appetite. To learn more about franchise opportunities, visit twinpeaksfranchise.com. For more information, visit twinpeaksrestaurant.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and performance of new store openings. Forward-looking statements reflect the expectations of management concerning the future and are subject to significant business, economic and competitive risks, uncertainties, and contingencies. These factors are difficult to predict and beyond our control and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that are filed from time to time by FAT Brands Inc. with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other factors. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Media Relations:
FAT Brands Inc.
Erin Mandzik
emandzik@fatbrands.com
860-212-6509
FAQ
What is FAT Brands' new strategy for Twin Peaks expansion?
How many Smokey Bones locations does FAT Brands plan to convert to Twin Peaks?
What are the benefits of converting Smokey Bones locations to Twin Peaks for FAT Brands?
When did FAT Brands acquire Smokey Bones?
