Fat Brands is no more, at least in name.
The Los Angeles-based owner of a dozen franchised restaurant chains including Round Table Pizza, Fazoli’s, and several other brands has changed its name to OHG Brands. The OHG stands for “Original, Honest, Good.”
The company has created a website that is largely designed to sell franchises, though OHG will have some work to do before it can sell any franchises.
The chains’ franchise registrations have expired in several states where they are required, according to a search of several states’ registration sites. The documents were not renewed under prior ownership, when Fat Brands struggled and landed into bankruptcy.
The name change is the first major action on the part of Fat Brands under its new owners. The company filed for bankruptcy in January with some $1.4 billion in debt, the bulk of it from a series of whole business securitizations in 2021.
The company was broken up and sold. One group of bondholders in the securitizations bought Twin Peaks, which appears set to be sold later to a group of that chain’s franchisees. Hot Dog on a Stick and Elevation Burger were sold in separate deals to different operators.
An entity known as FBG Bid Co. LLC acquired the 12 remaining brands, including also Johnny Rockets, Fatburger, Ponderosa and Bonanza, Marble Slab Creamery, Pretzelmaker, Buffalo’s Café, Native Grill & Wings, Hurricane Grill & Wings and Great American Cookies. The bondholders that are part of that group include a wide range of investment firms and hedge funds.
One brand, Smokey Bones, was liquidated. Fazoli’s, meanwhile, has closed dozens of locations this year, according to media reports. As many as 50 locations of the fast-casual Italian brand have closed since November.
OHG Logo | Image courtesy of OHG Brands
