Twin Hospitality Taps Wiederhorn for CEO Amid Debt Crisis

DALLAS, TX – December 29, 2025 – Twin Hospitality Group Inc. (Nasdaq: TWNP), the parent company of the Twin Peaks restaurant chain, has initiated a dramatic leadership shake-up amid a deepening financial crisis. The company announced the immediate appointment of Chairman Andy Wiederhorn as its new Chief Executive Officer, following the termination of Kim Boerema, who held the top job for less than a year.

In a concurrent move designed to stabilize its core brand, the company elevated Roger Gondek, the current Chief Operating Officer of Twin Peaks, to the additional role of President of the restaurant chain. The sweeping changes come as the micro-cap company grapples with defaulted debt and a stock price hovering near its 52-week low, signaling a high-stakes attempt to steer the enterprise away from financial collapse.

A Leadership Overhaul Amid Financial Turmoil

The executive reshuffle is a direct response to the severe financial pressures facing Twin Hospitality Group. The company has openly acknowledged the urgent need to “restructure our debt and strengthen the company for long-term success,” as stated by Wiederhorn in the official announcement. This restructuring is not a distant goal but an immediate necessity. The company recently received a “notice of acceleration for its $412 million notes” after defaulting on scheduled payments, a move by lenders that makes the entire principal and accrued interest immediately due and payable.

The market has reacted harshly to the company's instability. Its stock is trading at just $0.77, giving it a market capitalization of only $44.18 million, a fraction of its outstanding debt. In light of these developments, Noble Capital recently downgraded Twin Hospitality's stock from Outperform to Market Perform. The termination of Kim Boerema, who had only been CEO since May 2025, underscores the board's sense of urgency and dissatisfaction with the company's trajectory under his brief leadership.

Wiederhorn, who was integral in spinning out Twin Peaks and Smokey Bones into the current public entity, framed the leadership changes as a strategic realignment. “This leadership restructuring optimizes our resources while minimizing overhead, providing additional value as we work to restructure our debt,” he said. The move consolidates power at the top as the company braces for a difficult period of financial negotiation and operational belt-tightening.

The Wiederhorn Factor: A Controversial Return

Andy Wiederhorn is no stranger to the complexities of corporate finance or public scrutiny. His return to an executive leadership role is a significant development, bringing a leader with a track record of complex deal-making and a history of legal challenges. Wiederhorn has served as Chairman of Twin Hospitality's board since August 2025 and is also the founder, Chairman, and recently reappointed CEO of FAT Brands Inc., the entity from which Twin Hospitality was spun out.

His career has been marked by significant controversy. Wiederhorn had previously stepped down as CEO of FAT Brands in March 2023 amidst a federal investigation into allegations of money laundering and tax fraud. Following an indictment in May 2024, the U.S. Department of Justice ultimately dropped all criminal charges against him in July 2025, paving the way for his return to the CEO role at FAT Brands in September. His appointment to lead Twin Hospitality Group, for which he will receive no additional compensation, places him at the helm of two publicly traded restaurant companies.

His leadership is seen by some as a bold move to install a seasoned, aggressive dealmaker to navigate the company's perilous debt situation. Wiederhorn's familiarity with the assets, having orchestrated the spin-off, gives him an intimate understanding of the company's structure. However, his past legal entanglements could be a concern for investors as the company seeks to regain credibility and financial stability.

Operational Stability and the Gondek Promotion

While Wiederhorn focuses on the overarching corporate and financial restructuring, the promotion of Roger Gondek to President of Twin Peaks Restaurant is a clear effort to safeguard the company's primary revenue-generating asset. Gondek is a veteran of the brand with approximately 15 years of experience, having served as its COO since 2017. His career includes a crucial tenure as Executive Vice President of Operations at La Cima Restaurants, LLC, the brand's largest franchisee, giving him deep insight into what makes the sports-lodge concept successful at the ground level.

Gondek is widely credited with implementing a “Restaurant Turnaround Strategy” at Twin Peaks that has driven “consistent double-digit sales growth” and fueled a strong post-pandemic recovery. His operational playbook focuses intensely on execution and guest satisfaction. Key initiatives under his leadership include using detailed scorecards to motivate restaurant teams, directly linking general manager compensation to guest satisfaction metrics, and maintaining robust staffing levels to ensure service quality during peak times like major sports events. This dual-role appointment leverages his operational expertise to ensure the brand's performance does not falter while the parent company navigates its corporate crisis.

Navigating a Challenging Casual Dining Landscape

Twin Hospitality's internal struggles are unfolding within a fiercely competitive and rapidly evolving casual dining sector. The concept of “experiential dining,” which Twin Peaks embodies, is a growing trend, but execution is critical. The financial woes of direct competitor Hooters, which filed for Chapter 11 bankruptcy in March 2025 citing an outdated model and declining sales, serve as a cautionary tale. Another competitor in the “eatertainment” space, Dave & Buster's, has also reported mixed results and carries its own significant debt load of over $1.5 billion.

While Twin Hospitality's franchise revenue saw a modest increase of 4.2% in the second quarter of 2025, driven by new restaurant openings, this growth was offset by a decline in same-store sales, indicating potential weakness in established locations. The company's future now hinges on a two-front battle: Wiederhorn must successfully negotiate with creditors and chart a viable financial path forward, while Gondek must protect the brand's appeal and operational health. The success of this dual-pronged strategy will ultimately determine if Twin Hospitality Group can navigate its debt crisis and secure a stable future in the competitive casual dining arena.