Smokey Bones opened 128 BBQ restaurants — then FAT Brands bankruptcy closed all in 2026

Smokey Bones was founded by Darden Restaurants in August 1999 in Orlando, Florida, as a fast-casual BBQ chain. Darden grew it to 128 locations at its peak, making it one of the largest BBQ chains in the United States. But the concept never matched the success of Darden's other brands like Olive Garden or LongHorn Steakhouse.

By May 2007, Darden had closed 56 struggling Smokey Bones locations and sold the remaining 73 to Sun Capital Partners for around $80 million. The chain limped along under private equity ownership for 16 years before FAT Brands acquired it in September 2023 for just $30 million — a fraction of its earlier value.

FAT Brands struggled under its own debt load. In June 2025, up to 30 Smokey Bones locations were rebranded as Twin Peaks, and 9 underperforming stores closed. On 26 January 2026, FAT Brands filed for Chapter 11 bankruptcy with assets and liabilities between $1 billion and $10 billion. On 28 April 2026, the remaining Smokey Bones restaurants closed for good.

The chain that started with Darden's resources and grew to 128 locations ended as a casualty of its parent company's collapse — a BBQ brand that never found a stable home.

FAT Brands' Chapter 11 in Jan 2026, with $1B+ in debt, closed every remaining Smokey Bones by April — a brand that never found a stable home.

Smokey Bones was a mediocre concept — Darden created it but never committed the resources needed to make it distinctive, and it was the first brand cut when Darden tightened its portfolio

Private equity ownership under Sun Capital kept the chain alive but underinvested for 16 years, leaving it without the store upgrades or marketing needed to compete with independent BBQ restaurants

FAT Brands' own financial collapse was the final blow — a parent company filing Chapter 11 with over $1B in debt could not save a secondary brand like Smokey Bones

A chain that has been sold twice to owners who cannot invest in it will not survive — a mediocre concept with no committed owner is a zombie, not a business.