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Hooters of America has become the latest major restaurant chain to file for bankruptcy.
The sports bar and grill chain submitted a bankruptcy filing in Texas on Monday after accumulating $376 million in debt.
Through the protection, the Atlanta-based company aims to sell 151 of its corporate-owned restaurants to a buyer group that already operates 30 of its U.S. locations, Reuters reported. Before the proceedings are finalized, a U.S. bankruptcy judge must approve the transaction.
“With over 30 years of hands-on experience across the Hooters ecosystem, we have a profound understanding of our customers and what it takes to not only meet, but consistently exceed their expectations,” said buyer group member Neil Kiefer, who is also the CEO of the original Hooters’ restaurant in Clearwater, Florida.
The company joins casual dining chains from Buca di Beppo to Red Lobster to grapple with inflation, high labor costs and fewer customers. Hooters also shares a private equity owner with TGI Fridays, which also filed for Chapter 11 bankruptcy protection in November, citing several business challenges including the COVID-19 pandemic.
Here’s what to know about how the filing will impact the restaurant chain, known for its chicken wings and servers wearing orange shorts and low-cut tank tops.
Are Hooters restaurants closing?
No, Hooters restaurants are not closing as a result of the bankruptcy filing.
“Hooters is here to stay, and with a stronger financial foundation and streamlined operations on the other side of this process, we will be well-positioned to continue delivering the guest-obsessed hospitality experience and delicious food our valued customers and communities have come to expect well into the future,” the company wrote on its website.
When will Hooters exit bankruptcy?
Hooters said it plans to exit bankruptcy in about three to four months after completing its transaction deal with a a buyer group.
How many Hooters locations are there?
There are 305 Hooters locations, including 151 owned and operated by the company itself and a separate 154 operated by franchisees.
Is Hooters changing its menu?
Hooters does not plan to change its product offerings as a result of the bankruptcy proceedings.
The company promises to “continue providing customers with the guest-obsessed hospitality experience and delicious food they have come to expect over the past 40 years.”
Contributing: Reuters
