Fazoli’s is owned by FAT Brands Inc., which bought the Italian-American chain from Sentinel Capital Partners for $130 million in December 2021.1FAT Brands Inc. FAT Brands Inc. Completes Acquisition of Fazoli’s Restaurant Chain That answer comes with a live caveat: FAT Brands filed for Chapter 11 bankruptcy in January 2026 with roughly $1.4 billion in debt, and the reorganization could put Fazoli’s under new ownership before the case closes.2U.S. Securities and Exchange Commission. FAT Brands Inc. Form 8-K
How Fazoli’s Fits Inside FAT Brands
FAT Brands closed on the Fazoli’s purchase on December 15, 2021, folding the chain into a publicly traded restaurant company that also owns Fatburger, Johnny Rockets, Round Table Pizza, and more than a dozen other concepts.3FAT Brands. FAT Brands Fazoli’s itself was placed into a special-purpose financing subsidiary called FAT Brands Fazoli’s Native I, LLC, which issued approximately $193.7 million in secured notes to help fund the deal.4U.S. Securities and Exchange Commission. FAT Brands Inc. Form 8-K So the chain’s legal owner is that subsidiary, and the subsidiary sits under FAT Brands.
What the Chapter 11 Filing Changes
On January 26, 2026, FAT Brands and all of its direct and indirect subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas. The filing triggered defaults across the company’s debt, including roughly $140 million in outstanding secured notes tied specifically to the Fazoli’s subsidiary.2U.S. Securities and Exchange Commission. FAT Brands Inc. Form 8-K
FAT Brands shares were pulled from the NASDAQ and now trade on the OTC Pink market under the ticker FATAQ.5OTC Markets. FAT Brands Inc. CEO Andy Wiederhorn agreed to take a leave of absence, and the company has been pursuing asset sales to pay down debt.
Chapter 11 is not a shutdown. Fazoli’s restaurants stay open, and franchise agreements remain in effect while the court oversees the restructuring. What the process will decide is whether FAT Brands keeps Fazoli’s on the way out of bankruptcy or sells the brand to a new owner. Until that resolves, the accurate one-line answer is that Fazoli’s is owned by a company in reorganization.
Who Owned Fazoli’s Before FAT Brands
Fazoli’s has changed hands five times since it started, and the chain of custody is short enough to lay out in full.
Jerrico Inc. (1988–1990). Jerrico, the company behind Long John Silver’s, launched Fazoli’s in 1988 in Lexington, Kentucky, and tested the concept with a handful of locations before selling it.
Kuni Toyoda and Duskin Co. Ltd. (1990–2006). In 1990, former Jerrico executive Kuni Toyoda partnered with Japan-based Duskin Co. Ltd. to buy the chain. Under Toyoda, Fazoli’s grew to more than 380 locations across 32 states and became one of the early names in fast-casual Italian.
Sun Capital Partners (2006–2015). Private equity firm Sun Capital acquired Fazoli’s in 2006 with more than 300 units in the system. Sun Capital brought in new leadership, reworked the menu, funded remodels, and streamlined operations, but the footprint shrank to around 213 restaurants by the time it sold.6Sun Capital Partners, Inc. Affiliate of Sun Capital Partners, Inc. Completes Sale of Fazoli’s Group, Inc.
Sentinel Capital Partners (2015–2021). Sentinel bought Fazoli’s from Sun Capital in July 2015, shifted toward refranchising, and grew average unit sales by more than 30 percent before selling to FAT Brands in December 2021 at an enterprise value of $130 million, with nearly 220 locations across 28 states.7Sentinel Capital Partners. Sentinel Capital Partners Sells Fazoli’s
Where Fazoli’s Stands Today
Fazoli’s operates 183 restaurants across 25 states, concentrated in Kentucky (26), Indiana (18), Ohio (15), Missouri (12), and Tennessee (10).8Fazoli’s. Location Directory Doug Bostick has served as president since March 2022, after longtime CEO Carl Howard retired following a 14-year run that carried the brand through two ownership changes. Day-to-day operations have continued through the bankruptcy, and franchisees remain open under their existing agreements.
If you are looking at Fazoli’s as a franchise opportunity, the answer to “who owns Fazoli’s” matters directly. The franchisor entity is inside a Chapter 11 case, and franchise agreements may be subject to renegotiation depending on how the reorganization resolves. Waiting for the bankruptcy outcome before signing anything is the cautious path.