Hooters Files for Bankruptcy: Private Equity Squeeze, “Family-Friendly” Future?
Facing financial difficulties and rising costs, Hooters, known for its waitstaff and wings, filed for Chapter 11 bankruptcy. The company plans to sell its 100 company-owned restaurants to two franchisee groups, aiming for a swift exit from bankruptcy within 90-120 days. This restructuring, involving a founder-led buyout, intends to return the brand to its roots and improve its financial stability. While business operations continue, Hooters is evaluating its operational footprint, potentially leading to further location closures.
John Q. Hosedrinker