Parent company of Twin Peaks files for bankruptcy

(CNN)– The parent company of Twin Peaks Restaurants is facing money troubles.

Twin Hospitality Group filed for chapter 11 bankruptcy in the Southern District of Texas on Monday, Jan 26.

The sports bar restaurant’s parent company did not announce how much debt it’s carrying, but a press release said the company intends to reorganize to maximize value for its stockholders.

The restaurant chain will stay open through the bankruptcy process.