The bankruptcy filing focuses exclusively on OTB Hospitality. Pappas Restaurants, the parent company that owns the operator, confirmed it remains financially stable and is not involved in the liquidation proceedings. Spokesperson Chris Pappas cited the need to protect the company's core operations from the substantial, ongoing investments required to keep the struggling brand afloat.

Despite the collapse of the corporate-owned locations, the brand will maintain a presence in the market through its independent franchise network. Restaurants operating in South Dakota, Florida, Nevada, California, and South Korea remain unaffected by the filing and will continue business as usual.