Hooters filed for bankruptcy, but said it won't go anywhere

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After decades of wings, sports and orange shorts, Hooters enters a new chapter without closing the book. The restaurant chain is known for its iconic wings and all-female waiters and formally presented Chapter 11 bankruptcy protection on Monday. While the announcement may sound like the end of the road, Hooters said it will use the file as a reset and made a major move behind the scenes to protect its future. As part of the restructuring, Hooters will sell all 100 company-owned restaurants to its two largest franchisee groups, which are already operating in Tampa and Chicago. The groups jointly operate about one-third of franchisee locations, and in a U.S. statement, CEO Sal Melilli said: “Today’s announcement marks an important milestone in our efforts to strengthen the financial base of Hooters and continue to provide guests’ experience and delicious hotels and communities, meaning the scope of the company is gained in the company. Some closures may still occur during the bankruptcy process. Last year, the brand closed dozens of locations citing rising food and labor costs. Like other fast-casual chains such as Red Lobster and Bergfey, it must deal with changing customer habits, increased competition and legal struggles, including the review of racial and gender discrimination lawsuits in recent years. Buyers include Neil, CEO of long-time franchisee Hooters Inc. Members of the original Hooters founding team led by Kiefer. Kiefer made it clear in a press release: The goal is to re-root the brand, and with Times growing. He shared in an interview with Bloomberg that the turnover plan includes making the chain more family-friendly without giving up what makes the brand iconic. Nord Bay Capital and triartisan Capital Advisors received ongoing acquisitions in 2019. The acquisition rate of founders-led buyers is linked to longer familiar companies under longer familiar leadership. 90 to 120 days, with the aim of making the new dining landscape stronger and more consistent.

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