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yesterday

Smokey Bones to Close 15 Restaurants as Twin Hospitality Converts 19 to Twin Peaks

Twin Hospitality is redirecting real estate to higher-volume Twin Peaks lodges to improve returns.

Smokey Bones Bar and Fire Grill restaurant.
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_Smokey Bones store closure
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Overview

  • The company says 15 underperforming Smokey Bones restaurants are being shuttered, with 10 already closed and five slated to close before the end of the third fiscal quarter.
  • Nineteen Smokey Bones locations are being converted into Twin Peaks lodges, with two conversions completed and a third underway for opening later this year.
  • After the closures and conversions, 26 Smokey Bones locations will remain, and the company says those units are generating positive cash flow.
  • Twin Hospitality reports that converted sites average about $7.8 million in annual sales versus roughly $3.5 million when operating as Smokey Bones.
  • The company plans to franchise a portion of the remaining restaurants as CEO Kim Boerema installs Ken Brendemihl as Smokey Bones president following a portfolio spending review.