The parent company of Twin Peaks Restaurant announced on Monday that it had filed for Chapter 11 bankruptcy. The move comes months after Fat Brands, the parent company of Twin Hospitality Group began converting other restaurants into Twin Peaks locations. Twin Peaks Files For Chapter 11, What Does That Mean? USA Today reports that while brands like Twin Peaks remains strong, market conditions have been difficult according to Fat Brands Inc, the parent company of Twin Hospitality Group. There are 114 Twin Peaks locations and according to USA Today, no locations in Texas or throughout the United States are expected to close.