People wait for takeout orders near the closed dine-in section at a Fatburger restaurant in Inglewood, Calif. Mario Tama/Getty Images
FAT Brands Inc., owner of 18 restaurant chains worldwide, has voluntarily filed Chapter 11 petitions for financial restructuring.
The Los Angeles-based mega-franchiser announced this week that it had filed proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. FAT Brands reported that it intends to restructure capital to maximize value for its shareholders and continue to grow its brands.
