Twin Hospitality Ousts CEO; Chairman Takes Control Amid Deepening Financial Crisis

LAWRENCEVILLE, NJ – December 29, 2025 – Twin Hospitality Group Inc. (Nasdaq: TWNP) has executed a dramatic leadership overhaul, appointing Chairman Andy Wiederhorn as its new Chief Executive Officer, effective immediately. The move follows the termination of Kim Boerema, who served less than eight months in the top role, and comes as the company grapples with a severe debt crisis and a catastrophic decline in its stock value.

In a concurrent move, the company announced that Roger Gondek, the long-serving Chief Operating Officer of its flagship Twin Peaks Restaurant brand, will also assume the title of President of Twin Peaks. The appointments signal a stark pivot for the casual dining company, placing its future directly in the hands of the chairman who orchestrated its spin-off and an operational veteran tasked with stabilizing its core brand.

The shake-up occurs under the shadow of immense financial pressure. Twin Hospitality, which was spun out from FAT Brands earlier in 2025, has seen its market position erode at an alarming rate. The company is wrestling with what Wiederhorn's appointment announcement described as the need to "support the company's debt restructuring efforts," a challenge of monumental scale.

A Company on the Brink

The financial picture for Twin Hospitality Group is grim. The company’s stock has plummeted a staggering 95.72% year-to-date, with its share price hovering near a 52-week low of $0.77. This has reduced its market capitalization to a mere $44.18 million, a stark valuation for a company carrying a total debt burden of $558.45 million as of its last quarterly report.

A notice of acceleration on its outstanding securitization notes, totaling $412.3 million in principal, has brought the crisis to a head. The notice was triggered after the company missed scheduled payments, leading to a default. In a frank admission of its dire situation, Twin Hospitality has stated it currently lacks the funds to pay the principal and interest now due on these accelerated notes. Its current ratio, a key measure of liquidity, stands at a perilous 0.06, indicating its short-term liabilities vastly exceed its available assets.

Complicating matters further is the position of its former parent, FAT Brands, which retains a 95% stake in Twin Hospitality. FAT Brands is contending with its own $1.2 billion debt and has expressed its intention to liquidate its holdings in TWNP to shore up its own finances. This potential massive sell-off hangs over Twin Hospitality's stock, threatening to apply even greater downward pressure. The company's third-quarter revenue of $82.3 million, a 1.61% decrease from the prior year, shows that top-line growth is also failing to provide a path out of its financial distress.

The Chairman's High-Stakes Gambit

Stepping into this maelstrom is Andy Wiederhorn, a figure with a prominent and complex history in the restaurant industry. As the founder of FAT Brands and the Chairman of Twin Hospitality's board since August 2025, Wiederhorn was a key architect of the very spin-off that saddled the new entity with approximately $400 million of FAT Brands' debt. His decision to take the CEO role, reportedly without additional compensation, represents a direct, hands-on intervention.

Wiederhorn's track record includes steering FAT Brands through aggressive expansion, but it is also marked by controversy. He stepped down as CEO of FAT Brands in March 2023 amid a federal investigation into allegations of money laundering and tax fraud, though all criminal charges against him were reportedly dropped in July of this year. Now, he is positioning himself as the turnaround specialist Twin Hospitality desperately needs.

His stated priorities are clear: streamline operations, minimize overhead, enhance the guest experience, and, most critically, lead the charge on restructuring the company's crushing debt. By taking direct control, the chairman is betting his own reputation on his ability to navigate the company through negotiations with noteholders and stabilize its finances before it's too late.

An Insider's Steady Hand on Operations

While Wiederhorn focuses on the corporate and financial battle, the promotion of Roger Gondek to President of Twin Peaks Restaurant is a clear move to protect the company's primary asset. Gondek is an insider's insider, with approximately 15 years of experience embedded within the Twin Peaks brand. He has served as its Chief Operating Officer since 2017, a period of significant growth for the chain.

His deep operational knowledge extends beyond the corporate office; Gondek previously held leadership roles with La Cima Restaurants, LLC, Twin Peaks' largest franchisee, giving him a comprehensive understanding of the business from all sides. Before his time with the "sports lodge" concept, he spent nearly two decades at Hooters of America, a direct competitor in the themed casual dining space.

Under Gondek's operational leadership, Twin Peaks has been a consistent top performer in guest satisfaction and operational metrics, according to Black Box Intelligence data. His strategy has centered on motivating teams with clear performance scorecards and directly linking guest satisfaction results to the compensation of general managers. Elevating him to President while retaining his COO duties ensures that a steady, experienced hand remains on the tiller of the day-to-day business, tasked with keeping the 114-location chain running smoothly and profitably while the parent company fights for its survival.

Navigating a Shifting Dining Landscape

The leadership crisis at Twin Hospitality is unfolding within a fiercely competitive and rapidly evolving casual dining market. The "ultimate sports lodge" concept, a niche sometimes referred to as a "breastaurant," faces direct competition from brands like Hooters and a broader challenge from sports-centric chains like Buffalo Wild Wings.

The modern consumer is a moving target. While the trend towards "experiential dining"—immersive, memorable, and shareable restaurant outings—plays to Twin Peaks' strengths, the market is also shaped by a "cautious consumer." Economic pressures have forced many patrons to seek value, a trend that benefits chains offering bundled meals and promotions. Successfully appealing to both desires for experience and value is a difficult balancing act.

Furthermore, all restaurant operators are contending with persistent challenges, including inflation, supply chain disruptions, and the strategic imperative to integrate technology for everything from marketing to kitchen automation. For Twin Hospitality, the immediate task for its new leadership is existential: restructure the debt and find a path to solvency. But their long-term success will depend on their ability to navigate these complex market dynamics, ensuring the Twin Peaks brand not only survives the current crisis but can evolve and thrive in the future.