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Restaurants

Smokey Bones BBQ to Close 9 Locations, Thin Down to 45 Sites

Strategic Insights

— 1 min read

The US-based Smokey Bones BBQ, a TGI Fridays rival, will be closing nine more restaurants, leaving it with approximately 45 locations, down from its peak of 130 branches. Despite this, the company's owners, Fat Brands, plan to convert around half of the remaining Smokey Bones locations into Twin Peaks sports bar-style restaurants. This move comes after a significant shift in the casual dining sector, with Hostmore, the previous UK operator of TGI Fridays, collapsing into administration. The acquisition of 51 TGI Fridays restaurants by new owners Breal Capital and Calveton UK has also led to redundancies for over 1,000 staff.

Key Takeaways:

  • Smokey Bones BBQ will close nine more locations, reducing its number of sites to around 45.
  • The company's owners, Fat Brands, plan to convert around half of the remaining Smokey Bones locations into Twin Peaks sports bar-style restaurants.
  • The conversion plan is part of the company's strategy to grow Smokey Bones, which has seen a decline in the number of locations from its peak of 130.
  • Fat Brands acquired Smokey Bones for $30million in 2023, with plans to convert some locations into Twin Peaks over the next several years.
  • The company will retain around 20-25 locations as Smokey Bones, with nine locations closing due to factors such as lease expirations or changes in the trade area.
  • The move is part of a larger shift in the casual dining sector, with Hostmore, the previous UK operator of TGI Fridays, collapsing into administration.
  • The acquisition of 51 TGI Fridays restaurants by new owners Breal Capital and Calveton UK has led to redundancies for over 1,000 staff.
  • Smokey Bones launched in 1999 under Darden Restaurants, the company behind Olive Garden.

Statistics:

  • 9 locations to be closed by Smokey Bones
  • 45 locations remaining after the closures
  • 130 branches at the peak of Smokey Bones operations
  • 51 TGI Fridays restaurants acquired by new owners
  • 1,000 redundancies following the acquisition of 51 TGI Fridays restaurants
  • $30million paid by Fat Brands to acquire Smokey Bones

Sources:

  • Smokey Bones BBQ spokesperson (DailyMail.com)
  • Fat Brands (2023, Smokey Bones acquisition)
  • Hostmore (2023, administration)
  • Breal Capital and Calveton UK (2023, TGI Fridays acquisition)

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