FAT Brands (FAT) 10-Q 29 Jul 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 26, 2022	Jul. 22, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 26, 2022
Document Transition Report	false
Entity File Number	001-38250
Entity Registrant Name	fat Brands Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1302696
Entity Address, Address Line One	9720 Wilshire Blvd.
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Beverly Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90212
City Area Code	(310)
Local Phone Number	319-1850
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-25
Entity Central Index Key	0001705012
Class A Shares
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	FAT
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		15,136,416
Class B Shares
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $0.0001 per share
Trading Symbol	FATBB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		1,270,805
Series B Cumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series B Cumulative Preferred Stock, par value $0.0001 per share
Trading Symbol	FATBP
Security Exchange Name	NASDAQ
Warrants to Purchase Common Stock
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Class A Common Stock
Trading Symbol	FATBW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Current assets
Cash	$ 15,502	$ 56,656
Restricted cash	23,396	24,740
Accounts receivable, net of allowance for doubtful accounts of $3,311 and $4,016 as of June 26, 2022 and December 26, 2021, respectively	35,659	19,555
Trade and other notes receivable, net of allowance for doubtful accounts of $129 as of both June 26, 2022 and December 26, 2021	245	231
Assets classified as held-for-sale	5,288	5,476
Other current assets	12,678	11,853
Total current assets	92,768	118,511
Noncurrent restricted cash	12,526	18,525
Notes receivable – noncurrent, net of allowance for doubtful accounts of $271 as of both June 26, 2022 and December 26, 2021	1,867	3,493
Operating lease right-of-use assets	95,497	98,552
Goodwill	296,485	295,128
Other intangible assets, net	646,908	652,788
Property and equipment, net	83,455	80,501
Other assets	2,986	2,534
Total assets	1,232,492	1,270,032
Current liabilities
Accounts payable	23,584	27,527
Accrued expenses and other liabilities	45,601	46,295
Deferred income, current portion	2,248	2,636
Accrued advertising	13,835	10,853
Accrued interest payable	11,723	10,678
Dividend payable on preferred shares	1,565	1,574
Liabilities related to assets classified as held-for-sale	4,601	4,780
Current portion of operating lease liability	13,890	14,341
Redeemable preferred stock	135,000	67,500
Current portion of long-term debt	903	631
Current portion of acquisition purchase price payable	350	1,173
Other	2,887	10,500
Total current liabilities	256,187	198,488
Deferred income, net of current portion	20,008	17,662
Deferred income tax liabilities, net	16,177	12,921
Operating lease liability, net of current portion	90,652	92,920
Long-term debt, net of current portion	908,629	904,265
Other liabilities	1,962	976
Total liabilities	1,293,615	1,227,232
Commitments and contingencies (Note 16)
Redeemable preferred stock	0	64,455
Stockholders’ deficit
Preferred stock, $0.0001 par value; 15,000,000 shares authorized; 3,221,471 shares issued and outstanding at June 26, 2022 and December 26, 2021; liquidation preference $25 per share	48,259	55,661
Class A common stock and Class B common stock and additional paid-in capital as of June 26, 2022: $0.0001 par value per share; 51,600,000 shares authorized (Class A 50,000,000, Class B 1,600,000); 16,402,402 shares issued and outstanding (Class A 15,131,597, Class B 1,270,805). Common stock and additional paid-in capital as of December 26, 2021: $0.0001 par value; 51,600,000 shares authorized; 16,380,552 shares issued and outstanding (Class A 15,109,747, Class B 1,270,805)	(24,960)	(24,837)
Accumulated deficit	(84,422)	(52,479)
Total stockholders’ deficit	(61,123)	(21,655)
Total liabilities and stockholders’ deficit	$ 1,232,492	$ 1,270,032

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Accounts receivable, allowance for doubtful accounts	$ 3,311	$ 4,016
Trade and other notes receivable, allowance for doubtful accounts, current	129	129
Notes receivable, allowance for doubtful accounts, noncurrent	$ 271	$ 271
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	15,000,000	15,000,000
Preferred stock, issued (in shares)	3,221,471	3,221,471
Preferred stock, outstanding (in shares)	3,221,471	3,221,471
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	51,600,000	51,600,000
Common stock, issued (in shares)	16,402,402	16,380,552
Common stock, outstanding (in shares)	16,402,402	16,380,552
Class A Shares
Common stock, authorized (in shares)	50,000,000
Common stock, issued (in shares)	15,131,597	15,109,747
Common stock, outstanding (in shares)	15,131,597	15,109,747
Class B Shares
Common stock, authorized (in shares)	1,600,000
Common stock, issued (in shares)	1,270,805	1,270,805
Common stock, outstanding (in shares)	1,270,805	1,270,805

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Revenue
Total revenue	$ 102,785	$ 8,282	$ 200,188	$ 14,931
Costs and expenses
General and administrative expense	20,841	5,097	45,437	9,624
Cost of restaurant and factory revenues	49,846	244	104,644	244
Depreciation and amortization	6,711	386	13,181	784
Refranchising loss (gain)	453	(856)	1,001	(429)
Acquisition costs	135	917	383	932
Advertising fees	11,596	1,367	21,853	2,560
Total costs and expenses	89,582	7,155	186,499	13,715
Income from operations	13,203	1,127	13,689	1,216
Other (expense) income, net
Interest expense	(18,998)	(2,406)	(38,026)	(4,866)
Interest expense related to preferred shares	(4,715)	(264)	(6,714)	(552)
Net loss on extinguishment of debt	0	(6,405)	0	(6,405)
Other income, net	2,071	25	3,381	123
Total other expense, net	(21,642)	(9,050)	(41,359)	(11,700)
Loss before income tax expense	(8,439)	(7,923)	(27,670)	(10,484)
Income tax (benefit) provision	(251)	(1,992)	4,273	(2,121)
Net loss	(8,188)	(5,931)	(31,943)	(8,363)
Less: Net loss attributable to noncontrolling interest	0	(5)	0	(5)
Net loss attributable to FAT Brands Inc.	$ (8,188)	$ (5,926)	$ (31,943)	$ (8,358)
Basic loss per common share (in dollars per share)	$ (0.50)	$ (0.48)	$ (1.95)	$ (0.69)
Diluted loss per common share (in dollars per share)	$ (0.50)	$ (0.48)	$ (1.95)	$ (0.69)
Basic weighted average shares outstanding (in shares)	16,405,108	12,275,370	16,396,896	12,122,938
Diluted weighted average shares outstanding (in shares)	16,405,108	12,275,370	16,396,896	12,122,938
Cash dividends declared per common share (in dollars per share)	$ 0.13	$ 0.13	$ 0.26	$ 0.26
Royalties
Revenue
Total revenue	$ 21,665	$ 6,161	$ 42,563	$ 11,057
Restaurant sales
Revenue
Total revenue	60,044	234	118,121	234
Advertising fees
Revenue
Total revenue	9,568	1,370	18,929	2,560
Factory revenues
Revenue
Total revenue	8,570	0	16,749	0
Franchise fees
Revenue
Total revenue	1,295	482	2,009	1,022
Management fees and other income
Revenue
Total revenue	$ 1,643	$ 35	$ 1,817	$ 58

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands		Total	Total Common Stock	Class A Shares	Class B Shares	Class A Par Value	Class B Par Value	Additional Paid-In Capital	Total Preferred Stock	Preferred Stock Shares	Preferred Stock Par Value	Preferred Stock Additional Paid-In Capital	Non- Controlling Interest	Accumulated Deficit
Beginning balance (in shares) at Dec. 27, 2020				11,926,264						1,183,272
Beginning balance, value at Dec. 27, 2020		$ (41,883)	$ (42,775)			$ 1		$ (42,776)	$ 21,788		$ 0	$ 21,788	$ 0	$ (20,896)
Net loss		(8,363)											(5)	(8,358)
Issuance of common stock through exercise of warrants (in shares)	[1]			265,264
Issuance of common stock through exercise of warrants	[1]	1,383	1,140					1,140	243			243
Issuance of preferred stock (in shares)										460,000
Issuance of preferred stock		8,281							8,281			8,281
Share-based compensation (in shares)				300,000
Share-based compensation		230	230					230
Measurement period adjustment in accordance with ASU 2015-16		(1,451)	(1,451)					(1,451)
Stock contracted for issue in payment of debt	[2]	816	816					816
Sale of Interest in operating restaurant		249	151					151					98
Dividends declared on common stock		(3,197)	(3,197)					(3,197)
Dividends declared on Series B preferred stock		(1,220)							(1,220)			(1,220)
Ending balance (in shares) at Jun. 27, 2021				12,491,528	0					1,643,272
Ending balance, value at Jun. 27, 2021		(45,155)	(45,086)			1	$ 0	(45,087)	29,092		0	29,092	93	(29,254)
Beginning balance (in shares) at Mar. 28, 2021				12,029,264	0					1,183,272
Beginning balance, value at Mar. 28, 2021		(45,576)	(43,515)			1	0	(43,516)	21,267		0	21,267	0	(23,328)
Net loss		(5,931)											(5)	(5,926)
Issuance of common stock through exercise of warrants (in shares)	[3]			162,264
Issuance of common stock through exercise of warrants	[3]	868	714					714	154			154
Issuance of preferred stock (in shares)										460,000
Issuance of preferred stock		8,281							8,281			8,281
Share-based compensation (in shares)				300,000
Share-based compensation		193	193					193
Measurement period adjustment in accordance with ASU 2015-16		(248)	(248)					(248)
Stock contracted for issue in payment of debt	[4]	816	816					816
Sale of Interest in operating restaurant		249	151					151					98
Dividends declared on common stock		(3,197)	(3,197)					(3,197)
Dividends declared on Series B preferred stock		(610)							(610)			(610)
Ending balance (in shares) at Jun. 27, 2021				12,491,528	0					1,643,272
Ending balance, value at Jun. 27, 2021		(45,155)	$ (45,086)			1	0	(45,087)	29,092		0	29,092	$ 93	(29,254)
Common shares committed but unissued			62,500	23,963
Beginning balance (in shares) at Dec. 26, 2021				15,109,747	1,270,805					3,221,471
Beginning balance, value at Dec. 26, 2021		(21,655)	$ (24,837)			2	0	(24,839)	55,661		0	55,661		(52,479)
Net loss		(31,943)												(31,943)
Issuance of common stock through exercise of warrants (in shares)				21,850
Issuance of common stock through exercise of warrants		83	64					64	19			19
Share-based compensation (in shares)				0
Share-based compensation		4,076	4,076					4,076
Dividends declared on common stock		(4,263)	(4,263)					(4,263)
Dividends declared on Series B preferred stock		(3,314)							(3,314)			(3,314)
Exercise of Series B preferred stock put option		(4,107)							(4,107)			(4,107)
Ending balance (in shares) at Jun. 26, 2022				15,131,597	1,270,805					3,221,471
Ending balance, value at Jun. 26, 2022		(61,123)	(24,960)			2	0	(24,962)	48,259		0	48,259		(84,422)
Beginning balance (in shares) at Mar. 27, 2022				15,131,597	1,270,805					3,221,471
Beginning balance, value at Mar. 27, 2022		(51,106)	(24,792)			2	0	(24,794)	49,920		0	49,920		(76,234)
Net loss		(8,188)												(8,188)
Share-based compensation (in shares)				0
Share-based compensation		1,964	1,964					1,964
Dividends declared on common stock		(2,132)	(2,132)					(2,132)
Dividends declared on Series B preferred stock		(1,661)							(1,661)			(1,661)
Ending balance (in shares) at Jun. 26, 2022				15,131,597	1,270,805					3,221,471
Ending balance, value at Jun. 26, 2022		$ (61,123)	$ (24,960)			$ 2	$ 0	$ (24,962)	$ 48,259		$ 0	$ 48,259		$ (84,422)
[1](1) Share count excludes 23,963 common shares committed, but unissued as of June 27, 2021.[2](2) Share count excludes 62,500 common shares committed, but unissued as of June 27, 2021.[3](1) Share count excludes 23,963 common shares committed, but unissued as of June 27, 2021.[4](2) Share count excludes 62,500 common shares committed, but unissued as of June 27, 2021.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) (Parenthetical)	Jun. 27, 2021 shares
Total Common Stock
Common shares committed but unissued	62,500
Class A Shares
Common shares committed but unissued	23,963

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021
Cash flows from operating activities:
Net loss	$ (31,943)	$ (8,363)
Adjustments to reconcile net loss to net cash used in operations:
Deferred income taxes	3,256	(3,003)
Net loss on extinguishment of debt	0	4,859
Depreciation and amortization	10,645	784
Share-based compensation	4,076	230
Change in operating right-of-use assets	3,241	1,065
Accretion of loan fees and interest	5,787	696
Accretion of preferred shares	0	47
Accretion of purchase price liability	48	20
Gain on sale of refranchised assets	0	(1,119)
Provision for bad debts	423	23
Change in:
Accounts receivable	(16,530)	(1,395)
Other current assets	(825)	(783)
Deferred income	1,959	388
Accounts payable	(3,924)	(395)
Accrued expense	(1,231)	2,014
Accrued advertising	2,985	(180)
Accrued interest payable	483	(374)
Dividend payable on preferred shares	(9)	533
Other	(6,404)	21
Total adjustments	3,980	3,431
Net cash used in operating activities	(27,963)	(4,932)
Cash flows from investing activities:
Acquisitions, net of cash acquired	(2,772)	0
Payments received on loans receivable	1,647	0
Net proceeds from sale of refranchised restaurants	0	1,442
Purchases of property and equipment	(7,987)	(1,258)
Other	(192)	37
Net cash (used in) provided by investing activities	(9,304)	221
Cash flows from financing activities:
Proceeds from borrowings, net of issuance costs	704	140,789
Repayments of borrowings	(510)	(92,613)
Issuance of preferred shares, net	0	8,281
Change in operating lease liabilities	(2,864)	(798)
Payments made on acquisition purchase price liability	0	(1,075)
Exercise of warrants	79	1,382
Dividends paid on redeemable preferred stock	(1,062)	0
Dividends paid on common shares	(4,263)	(3,197)
Dividends paid on preferred shares	(3,314)	(1,249)
Net cash (used in) provided by financing activities	(11,230)	51,520
Net (decrease) increase in cash and restricted cash	(48,497)	46,809
Cash and restricted cash at beginning of the period	99,921	7,211
Cash and restricted cash at end of the period	51,424	54,020
Supplemental disclosures of cash flow information:
Cash paid for interest	32,430	4,619
Cash paid for income taxes	$ 447	$ 400

ORGANIZATION AND RELATIONSHIPS

ORGANIZATION AND RELATIONSHIPS	6 Months Ended
	Jun. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Relationships	ORGANIZATION AND RELATIONSHIPS Organization and Nature of Business FAT Brands Inc. (the "Company" or "FAT") is a leading multi-brand restaurant company that develops, markets acquires and manages quick-service, fast casual, casual dining and polished casual dining restaurant concepts around the world. As of June 26, 2022, the Company owned seventeen restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses . As of June 26, 2022, the Company had 2,354 locations. Of this amount, 2,261 stores were franchised, representing approximately 96% of total restaurants. Each franchising subsidiary licenses the right to use its brand name and provides franchisees with operating procedures and methods of merchandising. Upon signing a franchise agreement, the franchisor is committed to provide training, some supervision and assistance and access to operations manuals. As needed, the franchisor will also provide advice and written materials concerning techniques of managing and operating the restaurants. The Company's operations have historically been comprised primarily of franchising a growing portfolio of restaurant brands. This growth strategy is centered on expanding the footprint of existing brands and acquiring new brands through a centralized management organization which provides substantially all executive leadership, marketing, training and accounting services. As part of these ongoing franchising efforts, the Company will, from time to time, make opportunistic acquisitions of operating restaurants and may convert them to franchise locations. During the refranchising period, the Company may operate the restaurants and classifies the operational activities as refranchising gains or losses and the assets and associated liabilities as held-for sale. Through recent acquisitions, the Company also operates "company-owned" restaurant locations of certain brands. COVID-19 In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic, which continues to impact the United States and other countries. As a result, at certain times the Company franchisees temporarily closed some retail locations, modified store operating hours, adopted a “to-go” only operating model or a combination of these actions. These actions have reduced consumer traffic, all resulting in a negative impact to franchisee and Company revenue. While the disruption to our business from the COVID-19 pandemic is currently expected to be temporary, there is still a great deal of uncertainty around the severity and duration of the disruption. We may experience longer-term effects on our business and economic growth and changes in consumer demand in the U.S. and worldwide. The effects of COVID-19 may materially adversely affect our business, results of operations, liquidity and ability to service our existing debt, particularly if these effects continue in place for a significant amount of time. Liquidity

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 26, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation – The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our revenues are derived from two sales channels, franchised restaurants and company-owned locations, which we operate as one reportable segment. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of the Company, all adjustments considered necessary for the fair presentation of the Company’s results of operations, financial position and cash flows for the periods presented have been included and are of a normal, recurring nature. Fiscal year – The Company operates on a 52-week calendar and its fiscal year ends on the last Sunday of the calendar year. Consistent with industry practice, the Company measures its stores’ performance based upon 7-day work weeks. Using the 52-week cycle ensures consistent weekly reporting for operations and ensures that each week has the same days since certain days are more profitable than others. The use of this fiscal year means a 53rd week is added to the fiscal year every 5 or 6 years. In a 52-week year, all four quarters are comprised of 13 weeks. In a 53-week year, one extra week is added to the fourth quarter. Use of estimates in the preparation of the condensed consolidated financial statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Financial statement reclassification – Certain account balances from prior periods have been reclassified in these condensed consolidated financial statements to conform to current period classifications. Employee Retention Credits - On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Security Act (the "CARES Act") to provide certain relief as a result of the COVID-19 pandemic. The CARES Act provides tax relief, along with other stimulus measures, including a provision for an Employee Retention Credit ("ERC"). As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company accounts for the ERC by analogy to International Accounting Standard, Accounting for Government Grants and Disclosure of Government Assistance ("IAS 20"). In accordance with IAS 20, the Company determined it has reasonable assurance for receipt of the ERC and during the thirteen weeks ended June 26, 2022 recorded an ERC benefit of $12.6 million within cost of restaurant and factory revenues and general and administrative expense as a reduction to labor expense in the condensed consolidated statements of operations. The Company recorded a corresponding accrual for the benefit expected to be received within accounts receivable in the condensed consolidated balance sheets as of June 26, 2022. Recently Issued Accounting Standards In March 2022, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The purpose of this amendment is to enhance disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. It requires that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases. The amendments should be applied prospectively and are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments is permitted if an entity has adopted the amendments in ASU 2016-13 described below, including adoption in an interim period. The Company will evaluate ASC No. 2022-02 and does not expect the adoption of this standard will have a material impact on its condensed consolidated financial statements. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates (“ASU 2019-10”) . The purpose of this amendment is to create a two-tier rollout of major updates, staggering the effective dates between larger public companies and all other entities. This granted certain classes of companies, including Smaller Reporting Companies (“SRCs”), additional time to implement major FASB standards, including ASU 2016-13. Larger public companies will have an effective date for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All other entities are permitted to defer adoption of ASU 2016-13, and its related amendments, until fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Under the current SEC definitions, the Company meets the definition of an SRC and is adopting the deferral period for ASU 2016-13. The guidance requires a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company does not expect the adoption of this standard will have a material impact on its condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments, and later amended the ASU in 2019, as described above. This guidance replaces the current incurred loss impairment methodology. Under the new guidance, on initial recognition and at each reporting period, an entity is required to recognize an allowance that reflects its current estimate of credit losses expected to be incurred over the life of the financial instrument based on historical experience, current conditions and reasonable and supportable forecasts.

MERGERS AND ACQUISITIONS

MERGERS AND ACQUISITIONS	6 Months Ended
	Jun. 26, 2022
Business Combination and Asset Acquisition [Abstract]
Mergers and Acquisitions	MERGERS AND ACQUISITIONS Nestle Toll House Cafe by Chip On May 24, 2022, the Company agreed to acquire the franchised chain of stores known as Nestlé® Toll House® Café by Chip® from Crest Foods, Inc., consisting of all royalties generated under the Nestlé® Toll House® Café by Chip® brand, and the franchisor has agreed to cause the network to rebrand the stores as Great American Cookies, subject to the cooperation of the individual franchisees. Nestlé® Toll House® Café by Chip® is a franchised chain of stores with approximately 85 cafés across the United States. The Company paid an initial installment of the purchase price of $1.8 million. The final purchase price will be calculated on or before January 31, 2024. Acquisition of Fazoli's On December 15, 2021, the Company completed the acquisition of Fazoli's for a total cash purchase price of $137.1 million. Founded in 1988 in Lexington, KY, Fazoli’s is a premium QSR Italian chain priding itself on serving premium quality Italian food, fast, fresh and friendly. Menu offerings include freshly prepared pasta entrees, Submarinos ® sandwiches, salads, pizza and desserts – along with its unlimited signature breadsticks. Acquisition of Native Grill & Wings On December 15, 2021, the Company completed the acquisition of Native Grill & Wings (“Native”) for a total cash purchase price of $20.1 million. Based in Chandler, Arizona, Native Grill & Wings is a family-friendly, polished sports grill with franchised locations throughout Arizona, Illinois and Texas. Native serves over 20 award-winning wing flavors that guests can order by the individual wing, as well as an extensive menu of pizza, burgers, sandwiches, salads and more. Acquisition of Twin Peaks On October 1, 2021, the Company completed the acquisition of Twin Peaks Buyer, LLC (“Twin Peaks”) for a total purchase price of $310.3 million. Twin Peaks is the franchisor and operator of a chain of sports lodge themed restaurants. Acquisition of Global Franchise Group On July 22, 2021, the Company completed the acquisition of LS GFG Holdings Inc. (“GFG”), for a total purchase price of $444.9 million. GFG is a franchisor of five quick service restaurant brands (Round Table Pizza, Great American Cookies, Marble Slab Creamery, Pretzelmaker and Hot Dog on a Stick). Proforma Information The table below presents the combined proforma revenue and net loss of the Company and Fazoli's, Twin Peaks and GFG (the "Material Acquired Entities") for the thirteen and twenty-six weeks ended June 27, 2021, assuming the acquisitions had occurred on December 28, 2020 (the beginning of the Company’s 2021 fiscal year), pursuant to ASC 805-10-50- Business Combinations (Topic 805) (in millions). This proforma information does not purport to represent what the actual results of operations of the Company would have been had the acquisition of the Material Acquired Entities occurred on this date nor does it purport to predict the results of operations for future periods. Thirteen Weeks Ended Twenty-Six Weeks Ended June 27, 2021 June 27, 2021 Revenue 93.5 $ 171.9 Net loss (4.4) $ (14.3)

REFRANCHISING

REFRANCHISING	6 Months Ended
	Jun. 26, 2022
Refranchising
Refranchising	REFRANCHISING As part of its ongoing franchising efforts, the Company may, from time to time, make opportunistic acquisitions of operating restaurants in order to convert them to franchise locations or acquire existing franchise locations to resell to another franchisee across all of its brands. The Company meets all of the criteria requiring that acquired assets used in the operation of certain restaurants be classified as held-for-sale. As a result, the following assets have been classified as held-for-sale on the accompanying condensed consolidated balance sheets as of June 26, 2022 and December 26, 2021 (in millions): June 26, 2022 December 26, 2021 Property and equipment $ 0.8 $ 0.8 Operating lease right-of-use assets $ 4.5 $ 4.7 Total $ 5.3 $ 5.5 Operating lease liabilities related to the assets classified as held-for-sale in the amount of $4.6 million and $4.8 million have been classified as current liabilities on the accompanying condensed consolidated balance sheets as of June 26, 2022 and December 26, 2021, respectively. The following table highlights the operating results of the Company's refranchising program (in millions): Thirteen Weeks Ended Twenty-Six Weeks Ended June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Restaurant costs and expenses, net of revenue $ (0.5) $ (0.2) $ (1.0) $ (0.7) Gain on store sales or closures — 1.1 — 1.1 Refranchising (loss) gain $ (0.5) $ 0.9 $ (1.0) $ 0.4

NOTES RECEIVABLE

NOTES RECEIVABLE	6 Months Ended
	Jun. 26, 2022
Receivables [Abstract]
Notes Receivable	NOTES RECEIVABLE Notes receivable consist of trade notes receivable, the Elevation Buyer Note and the Twin Peaks - Hollywood Note. Trade notes receivable are created when a settlement is reached relating to a delinquent franchisee account and the entire balance is not immediately paid. Trade notes receivable generally include personal guarantees from the franchisee. The notes are made for the shortest time frame negotiable and will generally carry an interest rate of 6.0% to 7.5%. Reserve amounts, on the notes, are established based on the likelihood of collection. As of June 26, 2022 and December 26, 2021 trade notes receivable totaled $0.5 million, which was net of reserves of $0.4 million. The Elevation Buyer Note was funded in connection with the purchase of Elevation Burger. The Company loaned $2.3 million in cash to the Seller under a subordinated promissory note bearing interest at 6.0% per year and maturing in August 2026. This Note is subordinated in right of payment to all indebtedness of the Seller arising under any agreement or instrument to which the Seller or any of its affiliates is a party that evidences indebtedness for borrowed money that is senior in right of payment to the Elevation Buyer Note, whether existing on the effective date of the Elevation Buyer Note or arising thereafter. The balance owing to the Company under the Elevation Buyer Note may be used by the Company to offset amounts owing to the Seller under the Elevation Note under certain circumstances. As part of the total consideration for the Elevation acquisition, the Elevation Buyer Note was recorded at a carrying value of $1.9 million, which was net of a discount of $0.4 million. As of June 26, 2022 and December 26, 2021, the balance of the Elevation Note was $1.6 million and $1.7 million, respectively, which were net of discounts of $0.2 million and $0.2 million, respectively. During the thirteen and twenty-six weeks ended June 26, 2022, the Company recognized $44,000 and $90,000 in interest income on the Elevation Buyer Note, respectively. During the thirteen and twenty-six weeks ended June 27, 2021, the Company recognized $50,000 and $102,000 in interest income on the Elevation Buyer Note, respectively. The Twin Peaks - Hollywood note was funded in connection with the development of a Twin Peaks restaurant. The note was fully repaid in 2022. As of December 26, 2021, the amount of the secured note was $1.5 million.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 26, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	PROPERTY AND EQUIPMENT Property and equipment consists of the following (in millions): June 26, 2022 December 26, 2021 Real estate $ 60.6 $ 60.5 Equipment 31.5 22.9 92.1 83.4 Accumulated depreciation (8.6) (2.9) Property and equipment, net $ 83.5 $ 80.5

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 26, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	GOODWILL AND OTHER INTANGIBLE ASSETS, NET Changes in Carrying Value of Goodwill and Other Intangible Assets (in millions) Amortizing Intangible Assets Non-Amortizing Intangible Assets Goodwill Trademarks December 26, 2021 $ 175.6 $ 295.1 $ 477.2 Amortization (7.4) — — Additions 1.8 — — Adjustment to preliminary purchase price (0.3) 1.4 — June 26, 2022 $ 169.7 $ 296.5 $ 477.2 Gross Carrying Value and Accumulated Amortization of Other Intangible Assets (in millions) June 26, 2022 December 26, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Franchise agreements $ 109.2 (10.3) $ 98.9 $ 109.4 $ (5.7) $ 103.7 Customer relationships 73.9 (5.2) 68.7 73.9 (2.4) 71.5 Other 2.1 — 2.1 0.4 — 0.4 $ 185.2 $ (15.5) $ 169.7 183.7 $ (8.1) $ 175.6 Non-amortizing intangible assets Trademarks 477.2 477.2 Total amortizing and non-amortizing intangible assets, net $ 646.9 $ 652.8 The expected future amortization of the Company’s capitalized franchise agreements is as follows (in millions): Fiscal year: Remaining 2022 $ 7.6 2023 15.0 2024 14.7 2025 14.5 2026 14.5 Thereafter 103.4 Total $ 169.7

DEFERRED INCOME

DEFERRED INCOME	6 Months Ended
	Jun. 26, 2022
Deferred Income
Deferred Income	DEFERRED INCOME Deferred income was as follows (in millions): June 26, December 26, Deferred franchise fees $ 22.0 $ 19.8 Deferred royalties 0.1 0.2 Deferred vendor incentives 0.2 0.3 Total $ 22.3 $ 20.3

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 26, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The following table presents the Company’s provision (benefit) for income taxes (in millions): Thirteen Weeks Ended Twenty-Six Weeks Ended June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 (Benefit) provision for income taxes $ (0.3) $ (2.0) $ 4.3 $ (2.1) Effective tax rate 3.0 % 25.1 % (15.4) % 20.2 % The difference between the statutory tax rate of 21% and the effective tax rate of 3.0% and (15.4)% in the thirteen and twenty-six weeks ended June 26, 2022, respectively, was primarily due to increases in the valuation allowance, nondeductible expenses and the impact of state income taxes.

LEASES

LEASES	6 Months Ended
	Jun. 26, 2022
Leases [Abstract]
Leases	LEASES The Company recognized lease expense of $4.8 million and $0.7 million for the thirteen weeks ended June 26, 2022 and June 27, 2021, respectively. The Company recognized lease expense of $9.3 million and $1.5 million for the twenty-six weeks ended June 26, 2022 and June 27, 2021, respectively. Operating lease right-of-use assets and operating lease liabilities relating to the operating leases are as follows (in millions): June 26, December 26, Operating lease right-of-use assets $ 95.5 $ 98.6 Right-of-use assets classified as held-for-sale 4.5 4.7 Total right-of-use assets $ 100.0 $ 103.2 Operating lease liabilities $ 104.5 $ 107.3 Lease liabilities related to assets held for sale 4.6 4.8 Total operating lease liabilities $ 109.1 $ 112.0 The contractual future maturities of the Company’s operating lease liabilities as of June 26, 2022, including anticipated lease extensions, are as follows (in millions): Fiscal year: Remainder of 2022 $ 8.3 2023 15.9 2024 14.8 2025 14.3 2026 13.1 Thereafter 161.7 Total lease payments 228.1 Less imputed interest (119.0) Total $ 109.1 The current portion of the operating lease liability as of June 26, 2022 was $13.9 million. Supplemental cash flow information for the twenty-six weeks ended June 26, 2022 related to leases was as follows (in millions): Twenty-Six Weeks Ended June 26, 2022 June 27, 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 8.1 $ 1.3

DEBT

DEBT	6 Months Ended
	Jun. 26, 2022
Debt Disclosure [Abstract]
Debt	DEBT Long-term debt consisted of the following (in millions): June 26, 2022 December 26, 2021 Final Maturity Anticipated Call Date Rate Face Value Book Value Book Value Senior Debt 2021 FB Royalty Securitization 4/25/2051 7/25/2023 4.75 % $ 97.1 $ 95.6 $ 95.4 2021 GFG Royalty Securitization 7/25/2051 7/25/2023 6.00 % 209.0 205.9 205.6 2021 Twin Peaks Securitization 7/25/2051 7/25/2023 7.00 % 150.0 147.2 146.8 2021 Fazoli's/Native Securitization 7/25/2051 7/25/2023 6.00 % 128.8 123.8 122.8 Senior Subordinated Debt 2021 FB Royalty Securitization 4/25/2051 7/25/2023 8.00 % 32.4 31.9 31.8 2021 GFG Royalty Securitization 7/25/2051 7/25/2023 7.00 % 84.0 81.8 81.5 2021 Twin Peaks Securitization 7/25/2051 7/25/2023 9.00 % 50.0 47.0 46.6 2021 Fazoli's/Native Securitization 7/25/2051 7/25/2023 7.00 % 25.0 23.1 22.7 Subordinated Debt 2021 FB Royalty Securitization 4/25/2051 7/25/2023 9.00 % 15.0 14.2 14.1 2021 GFG Royalty Securitization 7/25/2051 7/25/2023 9.50 % 57.0 53.1 52.6 2021 Twin Peaks Securitization 7/25/2051 7/25/2023 10.00 % 50.0 44.9 44.2 2021 Fazoli's/Native Securitization 7/25/2051 7/25/2023 9.00 % 40.0 36.0 35.1 Total Securitized Debt 938.3 904.5 899.3 Elevation Note 7/19/2026 N/A 6.00 % 6.5 4.3 5.6 Equipment Notes 5/5/2027 to 3/7/2029 N/A 7.99% to 8.49% 0.7 0.7 — Total debt 945.5 909.5 904.9 Current portion of long-term debt — (0.9) (0.6) Long-term debt $ 945.5 $ 908.6 $ 904.3 Terms of Outstanding Debt 2021 FAT Royalty Securitization On April 26, 2021, FAT Brands Royalty I, LLC (“FB Royalty”), a special purpose, wholly-owned subsidiary of FAT Brands Inc., completed the issuance and sale of three tranches of fixed rate secured notes (the “2021 FAT Royalty Securitization Notes”) with a total aggregate principal amount of $144.5 million. The 2021 FB Royalty Securitization Notes are generally secured by a security interest in substantially all the assets of FB Royalty and its subsidiaries. On July 6, 2022, FB Royalty issued an additional $76.5 million aggregate principal amount of three tranches of fixed rate senior secured notes as follows: Closing Date Class Seniority Principal Balance Coupon Final Legal Maturity Date 7/6/2022 A-2 Senior $42.7 4.75% 7/25/2051 7/6/2022 B-2 Senior Subordinated $14.2 8.00% 7/25/2051 7/6/2022 M-2 Subordinated $19.6 9.00% 7/25/2051 Of the $76.5 million aggregate principal amount, $61.5 million was issued to FAT Brands Inc. and will be eliminated in consolidation. The remainder of the notes were sold privately, resulting in net proceeds of $13.5 million (net of debt offering costs of $0.6 million and original issue discount of $0.9 million). 2021 GFG Royalty Securitization In connection with the acquisition of GFG, on July 22, 2021, FAT Brands GFG Royalty I, LLC ("GFG Royalty"), a special purpose, wholly-owned subsidiary of FAT Brands, completed the issuance and sale of three tranches of fixed rate secured notes (the "2021 GFG Royalty Securitization Notes") with a total aggregate principal amount of $350.0 million. Immediately following the closing of the acquisition of GFG, the Company contributed the franchising subsidiaries of GFG to GFG Royalty, pursuant to a Contribution Agreement. The GFG Securitization Notes are generally secured by a security interest in substantially all the assets of GFG Royalty and its subsidiaries. 2021 Twin Peaks Securitization In connection with the acquisition of Twin Peaks, on October 1, 2021, the Company completed the issuance and sale in a private offering through its special purpose, wholly-owned subsidiary, FAT Brands Twin Peaks I, LLC, of three tranches of fixed rate secured notes (the "Twin Peaks Securitization Notes") with a total aggregate principal amount of $250.0 million. Immediately following the closing of the acquisition of Twin Peaks, the Company contributed the franchising subsidiaries of Twin Peaks to FAT Brands Twin Peaks I, LLC,, pursuant to a Contribution Agreement. The Twin Peaks Securitization Notes are generally secured by a security interest in substantially all the assets of FAT Brands Twin Peaks I, LLC, and its subsidiaries. 2021 Fazoli's / Native Securitization In connection with the acquisition of Fazoli's and Native Grill & Wings, on December 15, 2021, the Company completed the issuance and sale in a private offering through its special purpose, wholly-owned subsidiary, FAT Brands Fazoli's Native I, LLC, of three tranches of fixed rate secured notes (the "Fazoli's/Native Securitization Notes") with a total aggregate principal amount of $193.8 million. Immediately following the closing of the acquisition of Fazoli's and Native, the Company contributed the franchising subsidiaries of these entities to FAT Brands Fazoli's Native I, LLC, pursuant to a Contribution Agreement. The Fazoli's/Native Securitization Notes are generally secured by a security interest in substantially all the assets of FAT Brands Fazoli's Native I, LLC and its subsidiaries. Terms and Debt Covenant Compliance The 2021 FAT Royalty Securitization Notes, the 2021 GFG Royalty Securitization Notes, the 2021 Twin Peaks Securitization Notes and the 2021 Fazoli's/Native Securitization Notes (collectively, the "Securitization Notes") require that the principal (if any) and interest obligations be segregated to ensure appropriate funds are reserved to pay the quarterly principal and interest amounts due. The amount of monthly cash flow that exceeds the required monthly interest reserve is generally remitted to the Company. Interest payments are required to be made on a quarterly basis and, unless repaid on or before July 25, 2023, additional interest equal to 1.0% per annum will accrue on the then outstanding principal balance of each tranche. The material terms of the Securitization Notes contain covenants which are standard and customary for these types of agreements, including the following financial covenants: (i) debt service coverage ratio, (ii) leverage ratio and (iii) senior leverage ratio. As of June 26, 2022, the Company was in compliance with these covenants. Elevation Note On June 19, 2019, the Company completed the acquisition of Elevation Burger. A portion of the purchase price included the issuance to the Seller of a convertible subordinated promissory note (the “Elevation Note”) with a principal amount of $7.5 million, bearing interest at 6.0% per year and maturing in July 2026. The Elevation Note is convertible under certain circumstances into shares of the Company’s common stock at $12.00 per share. The annualized effective interest rate for the Elevation Note during the twenty-six weeks ended June 26, 2022 was 11.2%. In June 2022, pursuant to the claw-back provision of the purchase agreement, the balance of the Elevation Note was reduced by $1.0 million to $6.5 million. The Elevation Note is a general unsecured obligation of Company and is subordinated in right of payment to all senior indebtedness of the Company. Equipment Financing (Twin Peaks) During fiscal 2022, an indirect subsidiary of the Company entered into certain equipment financing arrangements to borrow up to $1.0 million, the proceeds of which will be used to purchase certain equipment for a new Twin Peaks restaurant and to retrofit existing restaurants with equipment (the "Equipment Financing"). The Equipment Financing has maturity dates between May 5, 2027 and March 7, 2029 and bear interest at fixed rates between 7.99% and 8.49% per annum. The Equipment Financing is secured by certain equipment of the Twin Peaks restaurant.

SERIES B CUMULATIVE PREFERRED S

SERIES B CUMULATIVE PREFERRED STOCK	6 Months Ended
	Jun. 26, 2022
Equity [Abstract]
Series B Cumulative Preferred Stock	SERIES B CUMULATIVE PREFERRED STOCK GFG Preferred Stock Consideration On July 22, 2021, the Company completed the acquisition of GFG. A portion of the consideration paid included 3,089,245 newly issued shares of the Company’s Series B Preferred Stock (the "GFG Preferred Stock Consideration"). Additionally, on July 22, 2021, the Company entered into a Put/Call Agreement with the GFG sellers, pursuant to which the Company may purchase, or the GFG sellers may require the Company to purchase the GFG Preferred Stock Consideration for $67.5 million plus any accrued but unpaid dividends on or before August 20, 2022 (extended from the original date of April 22, 2022), subject to the other provisions of the Put/Call Agreement. If the Company does not deliver the applicable cash proceeds to the GFG Sellers when due, the then amount due will accrue interest at the rate of 5.0% per annum until repayment is completed. On March 22, 2022, the Company received a put notice on the GFG Preferred Stock Consideration and reclassified the GFG Preferred Stock Consideration to current liabilities on its condensed consolidated balance sheet. Twin Peaks Preferred Stock Consideration On October 1, 2021, the Company completed the acquisition of Twin Peaks. A portion of the consideration paid included 2,847,393 shares of the Company’s Series B Cumulative Preferred Stock (the "Twin Peaks Preferred Stock Consideration"). The Twin Peaks seller agreed to a lock-up period with respect to the Preferred Stock Consideration, during which time the seller may not offer, sell or transfer any interest in these shares. The lock-up provisions restrict sales until March 31, 2022 for 1,793,858 shares (the “Initial Put/Call Shares”) and September 30, 2022 for the remaining 1,053,535 shares (the “Secondary Put/Call Shares”), subject to certain exceptions set forth in the Put/Call Agreement with the seller of Twin Peaks referenced below. On October 1, 2021, the Company and the Seller entered into a Put/Call Agreement pursuant to which the Company was granted the right to call from the Seller, and the Seller was granted the right to put to the Company, the Initial Put/Call Shares at any time until March 31, 2022 for a cash payment of $42.5 million, and the Secondary Put/Call Shares at any time until September 30, 2022 for a cash payment of $25.0 million, plus any accrued but unpaid dividends on such shares. If the Company does not deliver the applicable cash proceeds to the Seller when due, the amounts then due will accrue interest at the rate of 10.0% per annum until repayment is completed. On October 7, 2021, the Company received a put notice on the Initial Put/Call Shares and the Secondary Put/Call Shares. The Company has classified the Twin Peaks Preferred Stock Consideration as a current liability on its condensed consolidated balance sheet.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 26, 2022
Share-based Payment Arrangement [Abstract]
Share-based Compensation	SHARE-BASED COMPENSATION Effective September 30, 2017, the Company adopted the 2017 Omnibus Equity Incentive Plan (the “Plan”). The Plan was amended on October 19, 2021 to increase the number of shares available for issuance under the Plan. The Plan is a comprehensive incentive compensation plan under which the Company can grant equity-based and other incentive awards to officers, employees and directors of, and consultants and advisers to, FAT Brands Inc. and its subsidiaries. The Plan provides a maximum of 4,000,000 shares available for grant. The Company has periodically issued stock options under the Plan. All of the stock options issued by the Company to date have included a vesting period of three years, with one-third of each grant vesting annually. As of June 26, 2022, there were 2,610,936 shares of stock options outstanding with a weighted average exercise price of $10.51. During the thirteen weeks ended June 27, 2021, the Company granted a total of 300,000 shares of its common stock to three employees (the “Grant Shares”). The Grant Shares vest one-third each year on the anniversary date of the grant. The grantees are entitled to any common dividends relating to the Grant Shares during the vesting period. The Grant Shares were valued at $2.8 million as of the date of grant. The related compensation expense will be recognized over the vesting period. There were no new grants during the twenty-six weeks ended June 26, 2022.

WARRANTS

WARRANTS	6 Months Ended
	Jun. 26, 2022
Warrants
Warrants	WARRANTS The Company’s warrant activity for the twenty-six weeks ended June 26, 2022 was as follows: Number of Weighted Weighted Warrants exercisable at December 26, 2021 1,707,670 $ 4.72 3.2 Exercised (21,850) $ 3.64 3.3 Warrants outstanding at June 26, 2022 1,685,820 $ 4.54 2.7 Warrants exercisable at June 26, 2022 1,685,820 $ 4.54 2.7

DIVIDENDS ON COMMON STOCK

DIVIDENDS ON COMMON STOCK	6 Months Ended
	Jun. 26, 2022
Dividends On Common Stock
Dividends on Common Stock	DIVIDENDS ON COMMON STOCKOn April 12, 2022 the Board of Directors declared a cash dividend of $0.13 per share of Class A common stock and Class B common stock, payable on June 1, 2022 to stockholders of record as of May 16, 2022, for a total of $2.1 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 26, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Litigation and Investigations James Harris and Adam Vignola, derivatively on behalf of FAT Brands, Inc. v. Squire Junger, James Neuhauser, Edward Rensi, Andrew Wiederhorn, Fog Cutter Holdings, LLC and Fog Cutter Capital Group, Inc., and FAT Brands Inc., nominal defendant (Delaware Chancery Court, Case No. 2021-0511) On June 10, 2021, plaintiffs James Harris and Adam Vignola (“Plaintiffs”), putative stockholders of the Company, filed a shareholder derivative action in the Delaware Court of Chancery nominally on behalf of the Company against the Company’s directors (Squire Junger, James Neuhauser, Edward Rensi and Andrew Wiederhorn (the “Individual Defendants”)), and the Company’s majority stockholders, Fog Cutter Holdings, LLC and Fog Cutter Capital Group, Inc. (collectively with the Individual Defendants, “Defendants”). Plaintiffs assert claims of breach of fiduciary duty, unjust enrichment and waste of corporate assets arising out of the Company’s December 2020 merger with Fog Cutter Capital Group, Inc. On August 5, 2021, Defendants filed a motion to dismiss Plaintiffs’ complaint (the “Motion”). Argument on the Motion was heard on February 11, 2022. At the conclusion of the argument, the Court indicated that it would deny the Motion with respect to most claims and most Defendants, but would reserve final decision until after more fully considering the arguments as to the unjust enrichment claim and one of the Individual Defendants. On May 25, 2022, the Court ultimately denied the Motion in its entirety. Defendants dispute the allegations of the lawsuit and intend to vigorously defend against the claims. As this matter is still in the early stages and discovery is just underway, we cannot predict the outcome of this lawsuit. This lawsuit does not assert any claims against the Company. However, subject to certain limitations, we are obligated to indemnify our directors in connection with the lawsuit and any related litigation or settlements amounts, which may be time-consuming, result in significant expense and divert the attention and resources of our management. An unfavorable outcome may exceed coverage provided under our insurance policies, could have an adverse effect on our financial condition and results of operations and could harm our reputation. James Harris and Adam Vignola, derivatively on behalf of FAT Brands, Inc. v. Squire Junger, James Neuhauser, Edward Rensi, Andrew Wiederhorn and Fog Cutter Holdings, LLC, and FAT Brands Inc., nominal defendant (Delaware Chancery Court, Case No. 2022-0254) On March 17, 2022, plaintiffs James Harris and Adam Vignola (“Plaintiffs”), putative stockholders of the Company, filed a shareholder derivative action in the Delaware Court of Chancery nominally on behalf of the Company against the Company’s directors (Squire Junger, James Neuhauser, Edward Rensi and Andrew Wiederhorn (the “Individual Defendants”)), and the Company’s majority stockholder, Fog Cutter Holdings, LLC (collectively with the Individual Defendants, “Defendants”). Plaintiffs assert claims of breach of fiduciary duty in connection with the Company’s June 2021 recapitalization transaction. On May 27, 2022, Defendants filed a motion to dismiss Plaintiff's complaint (the "Motion"). No hearing date has been set for the Motion. Defendants dispute the allegations of the lawsuit and intend to vigorously defend against the claims. As this matter is still in the early stages, we cannot predict the outcome of this lawsuit. This lawsuit does not assert any claims against the Company. However, subject to certain limitations, we are obligated to indemnify our directors in connection with the lawsuit and any related litigation or settlements amounts, which may be time-consuming, result in significant expense and divert the attention and resources of our management. An unfavorable outcome may exceed coverage provided under our insurance policies, could have an adverse effect on our financial condition and results of operations and could harm our reputation. Robert J. Matthews, et al., v. FAT Brands, Inc., Andrew Wiederhorn, Ron Roe, Rebecca Hershinger and Ken Kuick (United States District Court for the Central District of California, Case No. 2:22-cv-01820) On March 18, 2022, plaintiff Robert J. Matthews, a putative investor in the Company, filed a putative class action lawsuit against the Company, Andrew Wiederhorn, Ron Roe, Rebecca Hershinger and Ken Kuick, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), alleging that the defendants are responsible for false and misleading statements and omitted material facts in the Company’s reports filed with the SEC under the 1934 Act related to the LA Times story published on February 19, 2022 about the company and its management. The plaintiff alleges that the Company’s public statements wrongfully inflated the trading price of the Company’s common stock, preferred stock and warrants. The plaintiff is seeking to certify the complaint as a class action and is seeking compensatory damages in an amount to be determined at trial. On April 25, 2022, Kerry Chipman, a putative investor in the Company, filed a putative class action lawsuit against the Company, Andrew Wiederhorn, Ron Roe, Rebecca Hershinger and Ken Kuick in the United States District Court for the Central Division of California, asserting substantially the same claims as those made by Matthews in the above-referenced lawsuit. On May 2, 2022, the Court entered an order consolidating the actions filed by Matthews and Chipman under the caption In re FAT Brands Inc. Securities Litigation. On June 13, 2022, the Court appointed plaintiff Robert Matthews as lead plaintiff and The Rosen Law Firm, P.A., as lead counsel in the consolidated action. Plaintiffs filed their Consolidated Amended Complaint on June 27, 2022. On July 19, 2022, the parties entered into a stipulation to stay the litigation so that they can engage in mediation, which is scheduled to occur in August 2022. As this matter is still in the early stages, we cannot predict the outcome of this lawsuit nor the success of the parties' anticipated mediation. Government Investigations The U.S. Attorney’s Office for the Central District of California (the “U.S. Attorney”) and the U.S. Securities and Exchange Commission informed the Company in December 2021 that they have opened investigations relating to the Company and our Chief Executive Officer, Andrew Wiederhorn, and are formally seeking documents and materials concerning, among other things, the Company’s December 2020 merger with Fog Cutter Capital Group Inc., transactions between these entities and Mr. Wiederhorn, and compensation, extensions of credit and other benefits or payments received by Mr. Wiederhorn or his family. The Company is cooperating with the government regarding these matters, and we believe that the Company is not currently a target of the U.S. Attorney’s investigation. At this early stage, the Company is not able to reasonably estimate the outcome or duration of the government investigations. Stratford Holding LLC v. Foot Locker Retail Inc. (U.S. District Court for the Western District of Oklahoma, Case No. 5:12-cv-772-HE) In 2012 and 2013, two property owners in Oklahoma City, Oklahoma sued numerous parties, including Foot Locker Retail Inc. and our subsidiary Fog Cutter Capital Group Inc. (now known as Fog Cutter Acquisition, LLC), for alleged environmental contamination on their properties, stemming from dry cleaning operations on one of the properties. The property owners seek damages in the range of $12.0 million to $22.0 million. From 2002 to 2008, a former Fog Cutter subsidiary managed a lease portfolio, which included the subject property. Fog Cutter denies any liability, although it did not timely respond to one of the property owners’ complaints and several of the defendants’ cross-complaints and thus is in default. The parties are currently conducting discovery, and the matter is scheduled for trial for October 2022. The Company is unable to predict the ultimate outcome of this matter, however, reserves have been recorded on the balance sheet relating to this litigation. There can be no assurance that the defendants will be successful in defending against these actions. SBN FCCG LLC v FCCGI (Los Angeles Superior Court, Case No. BS172606) SBN FCCG LLC (“SBN”) filed a complaint against Fog Cutter Capital Group, Inc. (“FCCG”) in New York state court for an indemnification claim (the “NY case”) stemming from an earlier lawsuit in Georgia regarding a certain lease portfolio formerly managed by a former FCCG subsidiary. In February 2018, SBN obtained a final judgment in the NY case for a total of $0.7 million, which included $0.2 million in interest dating back to March 2012. SBN then obtained a sister state judgment in Los Angeles Superior Court, Case No. BS172606 (the “California case”), which included the $0.7 million judgment from the NY case, plus additional statutory interest and fees, for a total judgment of $0.7 million. In May 2018, SBN filed a cost memo, requesting an additional $12,411 in interest to be added to the judgment in the California case, for a total of $0.7 million. In May 31, 2019, the parties agreed to settle the matter for $0.6 million, which required the immediate payment of $0.1 million, and the balance to be paid in August 2019. FCCG wired $0.1 million to SBN in May 2019, but has not yet paid the remaining balance of $0.5 million. The parties have not entered into a formal settlement agreement, and they have not yet discussed the terms for the payment of the remaining balance. The Company is involved in other claims and legal proceedings from time-to-time that arise in the ordinary course of business, including those involving the Company’s franchisees. The Company does not believe that the ultimate resolution of these actions will have a material adverse effect on its business, financial condition, results of operations, liquidity or capital resources. As of Jun 26, 2022, the Company had accrued an aggregate of $5.1 million for the specific matters mentioned above and claims and legal proceedings involving franchisees as of that date.

GEOGRAPHIC INFORMATION AND MAJO

GEOGRAPHIC INFORMATION AND MAJOR FRANCHISEES	6 Months Ended
	Jun. 26, 2022
Geographic Information And Major Franchisees
Geographic Information and Major Franchisees	GEOGRAPHIC INFORMATION AND MAJOR FRANCHISEES Revenue by geographic area was as follows (in millions): Thirteen Weeks Ended Twenty-Six Weeks Ended June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 United States $ 100.5 $ 6.3 $ 195.8 $ 11.1 Other countries 2.3 2.0 4.4 3.8 Total revenue $ 102.8 $ 8.3 $ 200.2 $ 14.9 Revenue is shown based on the geographic location of our company-owned and franchisees’ restaurants. All assets are located in the United States.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 26, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSManagement has evaluated all events and transactions that occurred subsequent to June 26, 2022 through the date of issuance of these condensed consolidated financial statements. During this period, the Company did not have any significant subsequent events other than as disclosed in Note 11.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 26, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation – The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our revenues are derived from two sales channels, franchised restaurants and company-owned locations, which we operate as one reportable segment.
Fiscal year	Fiscal year – The Company operates on a 52-week calendar and its fiscal year ends on the last Sunday of the calendar year. Consistent with industry practice, the Company measures its stores’ performance based upon 7-day work weeks. Using the 52-week cycle ensures consistent weekly reporting for operations and ensures that each week has the same days since certain days are more profitable than others. The use of this fiscal year means a 53rd week is added to the fiscal year every 5 or 6 years. In a 52-week year, all four quarters are comprised of 13 weeks. In a 53-week year, one extra week is added to the fourth quarter.
Use of estimates in the preparation of the condensed consolidated financial statements	Use of estimates in the preparation of the condensed consolidated financial statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Financial statement reclassification	Financial statement reclassification – Certain account balances from prior periods have been reclassified in these condensed consolidated financial statements to conform to current period classifications.
Employee Retention Credits	Employee Retention Credits - On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Security Act (the "CARES Act") to provide certain relief as a result of the COVID-19 pandemic. The CARES Act provides tax relief, along with other stimulus measures, including a provision for an Employee Retention Credit ("ERC"). As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company accounts for the ERC by analogy to International Accounting Standard, Accounting for Government Grants and Disclosure of Government Assistance ("IAS 20"). In accordance with IAS 20, the Company determined it has reasonable assurance for receipt of the ERC and during the thirteen weeks ended June 26, 2022 recorded an ERC benefit of $12.6 million within cost of restaurant and factory revenues and general and administrative expense as a reduction to labor expense in the condensed consolidated statements of operations. The Company recorded a corresponding accrual for the benefit expected to be received within accounts receivable in the condensed consolidated balance sheets as of June 26, 2022.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2022, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The purpose of this amendment is to enhance disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. It requires that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases. The amendments should be applied prospectively and are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments is permitted if an entity has adopted the amendments in ASU 2016-13 described below, including adoption in an interim period. The Company will evaluate ASC No. 2022-02 and does not expect the adoption of this standard will have a material impact on its condensed consolidated financial statements. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates (“ASU 2019-10”) . The purpose of this amendment is to create a two-tier rollout of major updates, staggering the effective dates between larger public companies and all other entities. This granted certain classes of companies, including Smaller Reporting Companies (“SRCs”), additional time to implement major FASB standards, including ASU 2016-13. Larger public companies will have an effective date for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All other entities are permitted to defer adoption of ASU 2016-13, and its related amendments, until fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Under the current SEC definitions, the Company meets the definition of an SRC and is adopting the deferral period for ASU 2016-13. The guidance requires a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company does not expect the adoption of this standard will have a material impact on its condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments, and later amended the ASU in 2019, as described above. This guidance replaces the current incurred loss impairment methodology. Under the new guidance, on initial recognition and at each reporting period, an entity is required to recognize an allowance that reflects its current estimate of credit losses expected to be incurred over the life of the financial instrument based on historical experience, current conditions and reasonable and supportable forecasts.

MERGERS AND ACQUISITIONS (Table

MERGERS AND ACQUISITIONS (Tables)	6 Months Ended
	Jun. 26, 2022
Business Combination and Asset Acquisition [Abstract]
Proforma revenue and net loss	The table below presents the combined proforma revenue and net loss of the Company and Fazoli's, Twin Peaks and GFG (the "Material Acquired Entities") for the thirteen and twenty-six weeks ended June 27, 2021, assuming the acquisitions had occurred on December 28, 2020 (the beginning of the Company’s 2021 fiscal year), pursuant to ASC 805-10-50- Business Combinations (Topic 805) (in millions). This proforma information does not purport to represent what the actual results of operations of the Company would have been had the acquisition of the Material Acquired Entities occurred on this date nor does it purport to predict the results of operations for future periods. Thirteen Weeks Ended Twenty-Six Weeks Ended June 27, 2021 June 27, 2021 Revenue 93.5 $ 171.9 Net loss (4.4) $ (14.3)

REFRANCHISING (Tables)

REFRANCHISING (Tables)	6 Months Ended
	Jun. 26, 2022
Refranchising
Schedule of Assets Classified as Held for Sale	As a result, the following assets have been classified as held-for-sale on the accompanying condensed consolidated balance sheets as of June 26, 2022 and December 26, 2021 (in millions): June 26, 2022 December 26, 2021 Property and equipment $ 0.8 $ 0.8 Operating lease right-of-use assets $ 4.5 $ 4.7 Total $ 5.3 $ 5.5
Schedule of Operating Results of Refranchising Program	The following table highlights the operating results of the Company's refranchising program (in millions): Thirteen Weeks Ended Twenty-Six Weeks Ended June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Restaurant costs and expenses, net of revenue $ (0.5) $ (0.2) $ (1.0) $ (0.7) Gain on store sales or closures — 1.1 — 1.1 Refranchising (loss) gain $ (0.5) $ 0.9 $ (1.0) $ 0.4

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 26, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consists of the following (in millions): June 26, 2022 December 26, 2021 Real estate $ 60.6 $ 60.5 Equipment 31.5 22.9 92.1 83.4 Accumulated depreciation (8.6) (2.9) Property and equipment, net $ 83.5 $ 80.5

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 26, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Value of Goodwill and Other Intangible Assets and Gross Carrying Value and Accumulated Amortization of Other Intangible Assets	Changes in Carrying Value of Goodwill and Other Intangible Assets (in millions) Amortizing Intangible Assets Non-Amortizing Intangible Assets Goodwill Trademarks December 26, 2021 $ 175.6 $ 295.1 $ 477.2 Amortization (7.4) — — Additions 1.8 — — Adjustment to preliminary purchase price (0.3) 1.4 — June 26, 2022 $ 169.7 $ 296.5 $ 477.2 Gross Carrying Value and Accumulated Amortization of Other Intangible Assets (in millions) June 26, 2022 December 26, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets Franchise agreements $ 109.2 (10.3) $ 98.9 $ 109.4 $ (5.7) $ 103.7 Customer relationships 73.9 (5.2) 68.7 73.9 (2.4) 71.5 Other 2.1 — 2.1 0.4 — 0.4 $ 185.2 $ (15.5) $ 169.7 183.7 $ (8.1) $ 175.6 Non-amortizing intangible assets Trademarks 477.2 477.2 Total amortizing and non-amortizing intangible assets, net $ 646.9 $ 652.8
Schedule of Expected Future Amortization of Capitalized Franchise Agreements	The expected future amortization of the Company’s capitalized franchise agreements is as follows (in millions): Fiscal year: Remaining 2022 $ 7.6 2023 15.0 2024 14.7 2025 14.5 2026 14.5 Thereafter 103.4 Total $ 169.7

DEFERRED INCOME (Tables)

DEFERRED INCOME (Tables)	6 Months Ended
	Jun. 26, 2022
Deferred Income
Schedule of Deferred Income	Deferred income was as follows (in millions): June 26, December 26, Deferred franchise fees $ 22.0 $ 19.8 Deferred royalties 0.1 0.2 Deferred vendor incentives 0.2 0.3 Total $ 22.3 $ 20.3

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 26, 2022
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table presents the Company’s provision (benefit) for income taxes (in millions): Thirteen Weeks Ended Twenty-Six Weeks Ended June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 (Benefit) provision for income taxes $ (0.3) $ (2.0) $ 4.3 $ (2.1) Effective tax rate 3.0 % 25.1 % (15.4) % 20.2 %

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 26, 2022
Leases [Abstract]
Summary of Operating Lease Right of Use Assets and Operating Lease Liabilities	Operating lease right-of-use assets and operating lease liabilities relating to the operating leases are as follows (in millions): June 26, December 26, Operating lease right-of-use assets $ 95.5 $ 98.6 Right-of-use assets classified as held-for-sale 4.5 4.7 Total right-of-use assets $ 100.0 $ 103.2 Operating lease liabilities $ 104.5 $ 107.3 Lease liabilities related to assets held for sale 4.6 4.8 Total operating lease liabilities $ 109.1 $ 112.0
Contractual Future Maturities of Operating Lease Liabilities	The contractual future maturities of the Company’s operating lease liabilities as of June 26, 2022, including anticipated lease extensions, are as follows (in millions): Fiscal year: Remainder of 2022 $ 8.3 2023 15.9 2024 14.8 2025 14.3 2026 13.1 Thereafter 161.7 Total lease payments 228.1 Less imputed interest (119.0) Total $ 109.1
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information for the twenty-six weeks ended June 26, 2022 related to leases was as follows (in millions): Twenty-Six Weeks Ended June 26, 2022 June 27, 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 8.1 $ 1.3

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 26, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in millions): June 26, 2022 December 26, 2021 Final Maturity Anticipated Call Date Rate Face Value Book Value Book Value Senior Debt 2021 FB Royalty Securitization 4/25/2051 7/25/2023 4.75 % $ 97.1 $ 95.6 $ 95.4 2021 GFG Royalty Securitization 7/25/2051 7/25/2023 6.00 % 209.0 205.9 205.6 2021 Twin Peaks Securitization 7/25/2051 7/25/2023 7.00 % 150.0 147.2 146.8 2021 Fazoli's/Native Securitization 7/25/2051 7/25/2023 6.00 % 128.8 123.8 122.8 Senior Subordinated Debt 2021 FB Royalty Securitization 4/25/2051 7/25/2023 8.00 % 32.4 31.9 31.8 2021 GFG Royalty Securitization 7/25/2051 7/25/2023 7.00 % 84.0 81.8 81.5 2021 Twin Peaks Securitization 7/25/2051 7/25/2023 9.00 % 50.0 47.0 46.6 2021 Fazoli's/Native Securitization 7/25/2051 7/25/2023 7.00 % 25.0 23.1 22.7 Subordinated Debt 2021 FB Royalty Securitization 4/25/2051 7/25/2023 9.00 % 15.0 14.2 14.1 2021 GFG Royalty Securitization 7/25/2051 7/25/2023 9.50 % 57.0 53.1 52.6 2021 Twin Peaks Securitization 7/25/2051 7/25/2023 10.00 % 50.0 44.9 44.2 2021 Fazoli's/Native Securitization 7/25/2051 7/25/2023 9.00 % 40.0 36.0 35.1 Total Securitized Debt 938.3 904.5 899.3 Elevation Note 7/19/2026 N/A 6.00 % 6.5 4.3 5.6 Equipment Notes 5/5/2027 to 3/7/2029 N/A 7.99% to 8.49% 0.7 0.7 — Total debt 945.5 909.5 904.9 Current portion of long-term debt — (0.9) (0.6) Long-term debt $ 945.5 $ 908.6 $ 904.3 On July 6, 2022, FB Royalty issued an additional $76.5 million aggregate principal amount of three tranches of fixed rate senior secured notes as follows: Closing Date Class Seniority Principal Balance Coupon Final Legal Maturity Date 7/6/2022 A-2 Senior $42.7 4.75% 7/25/2051 7/6/2022 B-2 Senior Subordinated $14.2 8.00% 7/25/2051 7/6/2022 M-2 Subordinated $19.6 9.00% 7/25/2051

WARRANTS (Tables)

WARRANTS (Tables)	6 Months Ended
	Jun. 26, 2022
Warrants
Schedule of Warrant Activity	The Company’s warrant activity for the twenty-six weeks ended June 26, 2022 was as follows: Number of Weighted Weighted Warrants exercisable at December 26, 2021 1,707,670 $ 4.72 3.2 Exercised (21,850) $ 3.64 3.3 Warrants outstanding at June 26, 2022 1,685,820 $ 4.54 2.7 Warrants exercisable at June 26, 2022 1,685,820 $ 4.54 2.7

GEOGRAPHIC INFORMATION AND MA_2

GEOGRAPHIC INFORMATION AND MAJOR FRANCHISEES (Tables)	6 Months Ended
	Jun. 26, 2022
Geographic Information And Major Franchisees
Schedule of Revenues by Geographic Area	Revenue by geographic area was as follows (in millions): Thirteen Weeks Ended Twenty-Six Weeks Ended June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 United States $ 100.5 $ 6.3 $ 195.8 $ 11.1 Other countries 2.3 2.0 4.4 3.8 Total revenue $ 102.8 $ 8.3 $ 200.2 $ 14.9

ORGANIZATION AND RELATIONSHIPS

ORGANIZATION AND RELATIONSHIPS - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022 USD ($) location	Jun. 27, 2021 USD ($)	Jun. 26, 2022 USD ($) location franchise	Jun. 27, 2021 USD ($)	Dec. 26, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of franchise brands | franchise			17
Number of locations | location	2,354		2,354
Number of franchise units worldwide | franchise			2,261
Percent of total restaurants franchised	96%		96%
Income (loss) from operations	$ 13,203	$ 1,127	$ 13,689	$ 1,216
Accumulated deficit	(84,422)		(84,422)		$ (52,479)
Working capital	(163,400)		(163,400)
Redeemable preferred stock	135,000		135,000		67,500
Cash	$ 15,502		$ 15,502		$ 56,656

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 26, 2022 USD ($)	Jun. 26, 2022 salesChannel segment
Accounting Policies [Abstract]
Number of sales channels | salesChannel		2
Number of reportable segments | segment		1
Employee retention credit benefit | $	$ 12.6

MERGERS AND ACQUISITIONS - Narr

MERGERS AND ACQUISITIONS - Narrative (Details) $ in Millions		6 Months Ended
	Jul. 22, 2021 USD ($) franchise	Jun. 26, 2022 location franchise	May 24, 2022 USD ($) location	Dec. 15, 2021 USD ($)	Oct. 01, 2021 USD ($)
Business Acquisition [Line Items]
Number of locations | location		2,354
Number of franchise brands | franchise		17
Nestle Toll House Cafe by Chip
Business Acquisition [Line Items]
Number of locations | location			85
Net identifiable assets			$ 1.8
Fazoli's
Business Acquisition [Line Items]
Net identifiable assets				$ 137.1
Native Wings
Business Acquisition [Line Items]
Net identifiable assets				$ 20.1
Twin Peaks
Business Acquisition [Line Items]
Net identifiable assets					$ 310.3
GFG Holdings Inc
Business Acquisition [Line Items]
Net identifiable assets	$ 444.9
Number of franchise brands | franchise	5

MERGERS AND ACQUISITIONS - PRO

MERGERS AND ACQUISITIONS - PRO FORMA REVENUE AND NET INCOME (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 27, 2021	Jun. 27, 2021
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 93.5	$ 171.9
Net loss	$ (4.4)	$ (14.3)

REFRANCHISING - Schedule of Rem

REFRANCHISING - Schedule of Remaining Assets Classified as Held for Sale (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Refranchising
Property and equipment	$ 800	$ 800
Operating lease right-of-use assets	4,500	4,700
Total	$ 5,288	$ 5,476

REFRANCHISING - Narrative (Deta

REFRANCHISING - Narrative (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Refranchising
Liabilities related to assets classified as held for sale	$ 4,601	$ 4,780

REFRANCHISING - Schedule of Ope

REFRANCHISING - Schedule of Operating Results of Refranchising Program (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Long Lived Assets Held-for-sale [Line Items]
Refranchising (loss) gain	$ (453)	$ 856	$ (1,001)	$ 429
Restaurant sales | Assets classified as held for sale
Long Lived Assets Held-for-sale [Line Items]
Restaurant costs and expenses, net of revenue	500	200	1,000	700
Gain on store sales or closures	0	1,100	0	1,100
Refranchising (loss) gain	$ (500)	$ 900	$ (1,000)	$ 400

NOTES RECEIVABLE - Narrative (D

NOTES RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 19, 2019	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Dec. 26, 2021	Dec. 27, 2020
Acquired Indefinite-lived Intangible Assets [Line Items]
Note receivable in connection with acquisition		$ 500		$ 500		$ 500
Trade notes receivable, reserves		$ 400		$ 400			$ 400
Minimum
Acquired Indefinite-lived Intangible Assets [Line Items]
Interest rate		6%		6%
Maximum
Acquired Indefinite-lived Intangible Assets [Line Items]
Interest rate		7.50%		7.50%
EB Franchises LLC | Elevation Buyer Note
Acquired Indefinite-lived Intangible Assets [Line Items]
Interest rate	6%
Note receivable in connection with acquisition	$ 2,300
Purchase price of business	1,900			$ 1,600		1,700
Unamortized discount	$ 400	$ 200		200		$ 200
Interest income on notes receivable		44	$ 50	90	$ 102
Twin Peaks | Twin Peaks Note
Acquired Indefinite-lived Intangible Assets [Line Items]
Note receivable in connection with acquisition		$ 1,500		$ 1,500

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 92,100	$ 83,400
Accumulated depreciation	(8,600)	(2,900)
Property and equipment, net	83,455	80,501
Real estate
Property, Plant and Equipment [Line Items]
Property and equipment, gross	60,600	60,500
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 31,500	$ 22,900

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Changes in Carrying Value of Goodwill and Other Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 26, 2022 USD ($)
Amortizing Intangible Assets
Amortizing Intangible Assets, Beginning balance	$ 175,600
Amortization	(7,400)
Additions	1,800
Adjustment to preliminary purchase price	(300)
Amortizing Intangible Assets, Ending balance	169,700
Goodwill
Goodwill, Beginning balance	295,100
Adjustment to preliminary purchase price	1,400
Goodwill, Ending balance	296,500
Trademarks
Trademarks
Trademarks, Beginning balance	477,200
Adjustment to preliminary purchase price	0
Trademarks, Ending balance	$ 477,200

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Gross Carrying Value and Accumulated Amortization (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 185,200	$ 183,700
Accumulated Amortization	(15,500)	(8,100)
Total	169,700	175,600
Total amortizing and non-amortizing intangible assets, net	646,908	652,788
Trademarks
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangible assets	477,200	477,200
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	109,200	109,400
Accumulated Amortization	(10,300)	(5,700)
Total	98,900	103,700
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	73,900	73,900
Accumulated Amortization	(5,200)	(2,400)
Total	68,700	71,500
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,100	400
Accumulated Amortization	0	0
Total	$ 2,100	$ 400

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Expected Future Amortization (Details) - USD ($) $ in Millions	Jun. 26, 2022	Dec. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2022	$ 7.6
2023	15
2024	14.7
2025	14.5
2026	14.5
Thereafter	103.4
Total	$ 169.7	$ 175.6

DEFERRED INCOME - Schedule of D

DEFERRED INCOME - Schedule of Deferred Income (Details) - USD ($) $ in Millions	Jun. 26, 2022	Dec. 26, 2021
Deferred Income
Deferred franchise fees	$ 22	$ 19.8
Deferred royalties	0.1	0.2
Deferred vendor incentives	0.2	0.3
Total	$ 22.3	$ 20.3

INCOME TAXES - Schedule for Ben

INCOME TAXES - Schedule for Benefit of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Income Tax Disclosure [Abstract]
(Benefit) provision for income taxes	$ (251)	$ (1,992)	$ 4,273	$ (2,121)
Effective tax rate	3%	25.10%	(15.40%)	20.20%

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Dec. 26, 2021
Leases [Abstract]
Lease expense recognized	$ 4,800	$ 700	$ 9,300	$ 1,500
Current portion of operating lease liability	$ 13,890		$ 13,890		$ 14,341

LEASES - Summary of Operating L

LEASES - Summary of Operating Lease Right of Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Lessor, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 95,497	$ 98,552
Corporate Offices and For Certain Restaurant Properties
Lessor, Lease, Description [Line Items]
Operating lease right-of-use assets	100,000	103,200
Operating lease liabilities	109,100	112,000
Corporate Offices and For Certain Restaurant Properties | Continuing operations
Lessor, Lease, Description [Line Items]
Operating lease right-of-use assets	95,500	98,600
Operating lease liabilities	104,500	107,300
Corporate Offices and For Certain Restaurant Properties | Held for sale
Lessor, Lease, Description [Line Items]
Operating lease right-of-use assets	4,500	4,700
Operating lease liabilities	$ 4,600	$ 4,800

LEASES - Schedule of Contractua

LEASES - Schedule of Contractual Future Maturities (Details) - Corporate Offices and For Certain Restaurant Properties - USD ($) $ in Millions	Jun. 26, 2022	Dec. 26, 2021
Lessor, Lease, Description [Line Items]
Remainder of 2022	$ 8.3
2023	15.9
2024	14.8
2025	14.3
2026	13.1
Thereafter	161.7
Total lease payments	228.1
Less imputed interest	(119)
Total	$ 109.1	$ 112

LEASES - Summary of Supplementa

LEASES - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021
Corporate Offices and For Certain Restaurant Properties
Lessor, Lease, Description [Line Items]
Operating cash flows from operating leases	$ 8.1	$ 1.3

DEBT - Schedule of Securitizati

DEBT - Schedule of Securitization of Notes (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021	Dec. 15, 2021	Oct. 01, 2021	Jul. 22, 2021	Apr. 26, 2021
Debt Instrument [Line Items]
Face Value	$ 945,500
Book Value	909,500	$ 904,900
Current portion of long-term debt	(903)	(631)
Long-term debt, net of current portion	$ 908,629	904,265
Minimum
Debt Instrument [Line Items]
Rate	6%
Maximum
Debt Instrument [Line Items]
Rate	7.50%
2021 FB Royalty Securitization
Debt Instrument [Line Items]
Face Value						$ 144,500
2021 GFG Royalty Securitization
Debt Instrument [Line Items]
Face Value					$ 350,000
2021 Twin Peaks Securitization
Debt Instrument [Line Items]
Face Value				$ 250,000
2021 Fazoli's/Native Securitization
Debt Instrument [Line Items]
Face Value			$ 193,800
Elevation Note
Debt Instrument [Line Items]
Rate	6%
Face Value	$ 6,500
Book Value	4,300	5,600
Equipment Notes
Debt Instrument [Line Items]
Face Value	700
Book Value	$ 700	0
Equipment Notes | Minimum
Debt Instrument [Line Items]
Rate	7.99%
Equipment Notes | Maximum
Debt Instrument [Line Items]
Rate	8.49%
Senior Debt | 2021 FB Royalty Securitization
Debt Instrument [Line Items]
Rate	4.75%
Face Value	$ 97,100
Book Value	$ 95,600	95,400
Senior Debt | 2021 GFG Royalty Securitization
Debt Instrument [Line Items]
Rate	6%
Face Value	$ 209,000
Book Value	$ 205,900	205,600
Senior Debt | 2021 Twin Peaks Securitization
Debt Instrument [Line Items]
Rate	7%
Face Value	$ 150,000
Book Value	$ 147,200	146,800
Senior Debt | 2021 Fazoli's/Native Securitization
Debt Instrument [Line Items]
Rate	6%
Face Value	$ 128,800
Book Value	$ 123,800	122,800
Senior Subordinated Debt | 2021 FB Royalty Securitization
Debt Instrument [Line Items]
Rate	8%
Face Value	$ 32,400
Book Value	$ 31,900	31,800
Senior Subordinated Debt | 2021 GFG Royalty Securitization
Debt Instrument [Line Items]
Rate	7%
Face Value	$ 84,000
Book Value	$ 81,800	81,500
Senior Subordinated Debt | 2021 Twin Peaks Securitization
Debt Instrument [Line Items]
Rate	9%
Face Value	$ 50,000
Book Value	$ 47,000	46,600
Senior Subordinated Debt | 2021 Fazoli's/Native Securitization
Debt Instrument [Line Items]
Rate	7%
Face Value	$ 25,000
Book Value	$ 23,100	22,700
Subordinated Debt | 2021 FB Royalty Securitization
Debt Instrument [Line Items]
Rate	9%
Face Value	$ 15,000
Book Value	$ 14,200	14,100
Subordinated Debt | 2021 GFG Royalty Securitization
Debt Instrument [Line Items]
Rate	9.50%
Face Value	$ 57,000
Book Value	$ 53,100	52,600
Subordinated Debt | 2021 Twin Peaks Securitization
Debt Instrument [Line Items]
Rate	10%
Face Value	$ 50,000
Book Value	$ 44,900	44,200
Subordinated Debt | 2021 Fazoli's/Native Securitization
Debt Instrument [Line Items]
Rate	9%
Face Value	$ 40,000
Book Value	36,000	35,100
Securitized Debt
Debt Instrument [Line Items]
Face Value	938,300
Book Value	$ 904,500	$ 899,300

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Jul. 06, 2022	Jun. 26, 2022	Dec. 26, 2021	Dec. 15, 2021	Oct. 01, 2021	Jul. 22, 2021	Apr. 26, 2021	Jun. 19, 2019
Debt Instrument [Line Items]
Principal amount		$ 945.5
Increase in interest rate on debt		1%
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Minimum
Debt Instrument [Line Items]
Interest rate		6%
Maximum
Debt Instrument [Line Items]
Interest rate		7.50%
Elevation Burger
Debt Instrument [Line Items]
Principal amount								$ 7.5
Interest rate								6%
Common stock, par value (in dollars per share)								$ 12
2021 FB Royalty Securitization
Debt Instrument [Line Items]
Principal amount							$ 144.5
2021 FB Royalty Securitization | Senior Debt
Debt Instrument [Line Items]
Principal amount		$ 97.1
Interest rate		4.75%
2021 FB Royalty Securitization | Senior Subordinated Debt
Debt Instrument [Line Items]
Principal amount		$ 32.4
Interest rate		8%
2021 FB Royalty Securitization | Subordinated Debt
Debt Instrument [Line Items]
Principal amount		$ 15
Interest rate		9%
2021 FB Royalty Securitization | Subsequent Event
Debt Instrument [Line Items]
Principal amount	$ 76.5
Debt sold to parent	61.5
Net proceeds	13.5
Debt offering costs	0.6
Unamortized discount	0.9
2021 FB Royalty Securitization | Subsequent Event | Senior Debt
Debt Instrument [Line Items]
Principal amount	$ 42.7
Interest rate	4.75%
2021 FB Royalty Securitization | Subsequent Event | Senior Subordinated Debt
Debt Instrument [Line Items]
Principal amount	$ 14.2
Interest rate	8%
2021 FB Royalty Securitization | Subsequent Event | Subordinated Debt
Debt Instrument [Line Items]
Principal amount	$ 19.6
Interest rate	9%
2021 GFG Royalty Securitization
Debt Instrument [Line Items]
Principal amount						$ 350
2021 GFG Royalty Securitization | Senior Debt
Debt Instrument [Line Items]
Principal amount		$ 209
Interest rate		6%
2021 GFG Royalty Securitization | Senior Subordinated Debt
Debt Instrument [Line Items]
Principal amount		$ 84
Interest rate		7%
2021 GFG Royalty Securitization | Subordinated Debt
Debt Instrument [Line Items]
Principal amount		$ 57
Interest rate		9.50%
2021 Twin Peaks Securitization
Debt Instrument [Line Items]
Principal amount					$ 250
2021 Twin Peaks Securitization | Senior Debt
Debt Instrument [Line Items]
Principal amount		$ 150
Interest rate		7%
2021 Twin Peaks Securitization | Senior Subordinated Debt
Debt Instrument [Line Items]
Principal amount		$ 50
Interest rate		9%
2021 Twin Peaks Securitization | Subordinated Debt
Debt Instrument [Line Items]
Principal amount		$ 50
Interest rate		10%
2021 Fazoli's/Native Securitization
Debt Instrument [Line Items]
Principal amount				$ 193.8
2021 Fazoli's/Native Securitization | Senior Debt
Debt Instrument [Line Items]
Principal amount		$ 128.8
Interest rate		6%
2021 Fazoli's/Native Securitization | Senior Subordinated Debt
Debt Instrument [Line Items]
Principal amount		$ 25
Interest rate		7%
2021 Fazoli's/Native Securitization | Subordinated Debt
Debt Instrument [Line Items]
Principal amount		$ 40
Interest rate		9%
Elevation Note
Debt Instrument [Line Items]
Principal amount		$ 6.5
Interest rate		6%
Effective interest rate percentage		11.20%
Decrease in principal amount		$ 1
Equipment Notes
Debt Instrument [Line Items]
Principal amount		0.7
Maximum borrowing capacity		$ 1
Equipment Notes | Minimum
Debt Instrument [Line Items]
Interest rate		7.99%
Equipment Notes | Maximum
Debt Instrument [Line Items]
Interest rate		8.49%

SERIES B CUMULATIVE PREFERRED_2

SERIES B CUMULATIVE PREFERRED STOCK - Narrative (Details) - USD ($) $ in Millions	Oct. 01, 2021	Jul. 22, 2021
GFG Holdings Inc
Class of Stock [Line Items]
Equity interests transferred		$ 67.5
Interest rate on unpaid cash proceeds related to acquisition		5%
GFG Holdings Inc | Series B Cumulative Preferred Stock
Class of Stock [Line Items]
Equity consideration transferred (in shares)		3,089,245
Twin Peaks
Class of Stock [Line Items]
Initial put/call share agreement	$ 42.5
Secondary put/call share agreement	$ 25
Twin Peaks | Series B Cumulative Preferred Stock
Class of Stock [Line Items]
Temporary equity issued (in shares)	2,847,393
Interest rate on unpaid cash proceeds related to acquisition	10%
Twin Peaks | Series B Cumulative Preferred Stock, Initial Put/Call Shares
Class of Stock [Line Items]
Number of purchase shares (in shares)	1,793,858
Twin Peaks | Series B Cumulative Preferred Stock, Secondary Put/Call Shares
Class of Stock [Line Items]
Number of purchase shares (in shares)	1,053,535

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period			3 years
Three employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation (in shares)		300,000
Share-based compensation		$ 2.8
Share-based payment arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding through share-based compensation agreement (in shares)	2,610,936		2,610,936
Weighted average exercise price of options (in dollars per share)	$ 10.51		$ 10.51
Share-based compensation plan expense	$ 1.9	$ 0.2	$ 4	$ 0.2
Share-based compensation expense related to non-vested grants	$ 9		$ 9
2017 Omnibus Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant through share-based compensation agreement (in shares)	4,000,000		4,000,000

WARRANTS - Summary of Warrant A

WARRANTS - Summary of Warrant Activity (Details) - Warrant	6 Months Ended
	Jun. 26, 2022 $ / shares shares
Number of Shares
Warrants exercisable, Beginning balance (in shares) | shares	1,707,670
Exercised (in shares) | shares	(21,850)
Warrants outstanding, Ending balance (in shares) | shares	1,685,820
Warrants exercisable, Ending balance (in shares) | shares	1,685,820
Weighted Average Exercise Price
Weighted average exercise price of outstanding warrants, Beginning balance (in dollars per share) | $ / shares	$ 4.72
Weighted average exercise price of warrants exercised (in dollars per share) | $ / shares	3.64
Weighted average exercise price of outstanding warrants, Ending balance (in dollars per share) | $ / shares	4.54
Weighted average exercise price of exercisable warrants, Ending balance (in dollars per share) | $ / shares	$ 4.54
Weighted Average Remaining Contractual Life (Years)
Weighted average remaining contractual life (in years) of warrants outstanding. Beginning balance	3 years 2 months 12 days
Weighted average remaining contractual life (in years) of warrants exercised	3 years 3 months 18 days
Weighted average remaining contractual life (in years) of warrants outstanding, Ending balance	2 years 8 months 12 days
Weighted average remaining contractual life (in years) of warrants exercisable, Ending balance	2 years 8 months 12 days

WARRANTS - Narrative (Details)

WARRANTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	[1]	Jun. 26, 2022	Jun. 27, 2021	[2]
Warrant Activity
Issuance of common stock through exercise of warrants	$ 868		$ 83	$ 1,383
Warrant
Warrant Activity
Warrants exercised (in shares)			21,850
Class A Shares
Warrant Activity
Issuance of common stock through exercise of warrants (in shares)	162,264		21,850	265,264
[1](1) Share count excludes 23,963 common shares committed, but unissued as of June 27, 2021.[2](1) Share count excludes 23,963 common shares committed, but unissued as of June 27, 2021.

DIVIDENDS ON COMMON STOCK - Nar

DIVIDENDS ON COMMON STOCK - Narrative (Details) - Board of Directors $ / shares in Units, $ in Millions	Apr. 12, 2022 USD ($) $ / shares
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Dividends payable (in dollars per share) | $ / shares	$ 0.13
Dividends payable | $	$ 2.1

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	1 Months Ended			6 Months Ended
	May 31, 2019	May 31, 2018	Feb. 28, 2018	Jun. 26, 2022
SBN FCCG LLC
Loss Contingencies [Line Items]
Payments for legal settlements	$ 100,000
Estimated litigation liability				$ 500,000
SBN FCCG LLC | Fog Cutter Capital Group Inc
Loss Contingencies [Line Items]
Amount awarded to other party related to litigation	600,000
Payments for legal settlements	$ 100,000
Estimated litigation liability				5,100,000
SBN FCCG LLC | Fog Cutter Capital Group Inc | New York
Loss Contingencies [Line Items]
Amount awarded to other party related to litigation			$ 700,000
Litigation settlement interest			200,000
SBN FCCG LLC | Fog Cutter Capital Group Inc | California
Loss Contingencies [Line Items]
Amount awarded to other party related to litigation		$ 700,000	700,000
Litigation settlement interest		$ 12,411	$ 700,000
Minimum
Loss Contingencies [Line Items]
Damages sought				12,000,000
Maximum
Loss Contingencies [Line Items]
Damages sought				$ 22,000,000

GEOGRAPHIC INFORMATION AND MA_3

GEOGRAPHIC INFORMATION AND MAJOR FRANCHISEEE - Schedule of Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
RestaurantFranchising [Line Items]
Total revenue	$ 102,785	$ 8,282	$ 200,188	$ 14,931
United States
RestaurantFranchising [Line Items]
Total revenue	100,500	6,300	195,800	11,100
Other countries
RestaurantFranchising [Line Items]
Total revenue	$ 2,300	$ 2,000	$ 4,400	$ 3,800