Smokey Bones Names New President, Announces Strategic Update and Portfolio Optimization

Twin Hospitality Group Inc. has appointed Ken Brendemihl as President of Smokey Bones, effective immediately. Brendemihl has over 25 years of restaurant leadership experience. The company has launched a full spending review across both brands and closed underperforming Smokey Bones locations. The remaining portfolio of 26 locations are generating positive cash flow and will be franchised using FAT Brands' proven model.

Twin Hospitality Group Inc. (Nasdaq: TWNP) has appointed Ken Brendemihl as President of Smokey Bones, effective immediately. Brendemihl brings over 25 years of restaurant leadership experience to the role, most recently serving as Chief Operating Officer at Alamo Drafthouse. Prior to that, he held key leadership positions at Velvet Taco, California Pizza Kitchen, Texas Roadhouse, and On the Border [1].

The appointment comes as Twin Hospitality Group continues to optimize its portfolio, with a focus on Smokey Bones. The company has launched a full spending review across both brands to eliminate inefficiencies and refocus on high-return initiatives. Underperforming Smokey Bones locations have been identified and closed, with ten locations already shut down and five more set to close by the end of the fiscal third quarter. The closures, along with the removal of approximately $1.5 million in associated corporate overhead, are expected to materially enhance EBITDA performance [1].

The remaining 26 Smokey Bones locations are generating positive cash flow and contributed approximately $3.0 million to total EBITDA on a trailing 12-month basis. The company plans to leverage FAT Brands' proven franchise model to franchise a portion of the remaining Smokey Bones locations, creating a more balanced corporate-to-franchise mix and unlocking additional growth potential for the brand [1].

Smokey Bones, known as the 'Masters of Meat,' serves great barbecue, award-winning ribs, and crave-worthy cocktails. The brand operates a full bar featuring a variety of bourbons and whiskeys, domestic, import, and local craft beers, and signature, handcrafted cocktails. Smokey Bones serves lunch, dinner, and late night every day [2].

References:
[1] https://finance.yahoo.com/news/twin-hospitality-group-inc-announces-130000556.html
[2] https://www.smokeybones.com/