Smokey Bones BBQ, once a rising rival to TGI Fridays, will close nine more restaurants, leaving just 45 locations.
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The closures mark the latest in a series of cuts under current owner Fat Brands, which bought the barbecue chain from Sun Capital Partners in 2023 for $30 million. At its peak in the early 2000s, Smokey Bones operated more than 130 locations nationwide. That number could fall further as Fat Brands continues converting select locations into Twin Peaks, the sports bar-style chain it acquired in 2021.
"We still plan to convert about half of Smokey Bones' locations to Twin Peaks over the next several years," a company spokesperson told DailyMail.com. "We will then keep 20 or so locations as Smokey Bones, with nine closing due to factors such as lease expirations or trade area challenges."
From Big BBQ Brand to Life Support
Founded in 1999 by Darden Restaurants -- the company behind Olive Garden and LongHorn Steakhouse -- Smokey Bones opened its first location in Orlando. It expanded quickly, adding eight more units by 2001 and topping 100 locations within a few years.
But in 2007, Darden pulled the plug. The company closed 56 restaurants and sold the remaining 73 to Barbeque Integrated Inc. for $80 million.
Sun Capital invested in a chain-wide redesign by 2010, but financial trouble loomed. The firm struggled under the weight of underperforming brands like Friendly's and Bar Louie, the latter filing for bankruptcy twice. Smokey Bones shifted leadership multiple times, and by 2023, Sun Capital sold the brand to Fat Brands at a steep loss.
Fat Brands now faces its own hurdles. The company reported a 6.5 percent drop in revenue in Q1 of this year, despite having what it describes as a "clear strategy" for Smokey Bones.
Closures Part of Broader Downturn
Smokey Bones BBQ isn't the only chain struggling to stay alive. Its one-time rival, TGI Fridays, filed for bankruptcy last year and now operates just 200 U.S. locations. Hooters abruptly closed 30 locations this month and may sell its intellectual property to Hogan's Real American Beer.
Other recent filings include Planta, Hwy 55 Burgers, and On The Border. Even Darden has scaled back, closing 15 Bahama Breeze restaurants and exploring options for the rest.
