Hooters has filed for bankruptcy

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Hooters — the restaurant chain originally known for its orange-clad, all-female waitstaff and later for its chicken wings — has filed for bankruptcy, the company announced Monday. However, the decades-old brand emphasized that it isn’t going away.As part of its bankruptcy plan, the company intends to sell all 100 of its company-owned restaurants to two franchisee groups that currently operate Hooters locations in the Tampa, Florida, and Chicago areas. Together, these groups already manage about one-third of the franchised Hooters locations in the U.S., according to a company press release.Hooters joins the ranks of other fast-casual chains like BurgerFi and Red Lobster, which have also filed for bankruptcy amid challenging market conditions. The company has also faced controversy surrounding its workforce, including lawsuits alleging racial and gender discrimination. Last year, Hooters closed dozens of locations, citing rising food and labor costs.The company says it expects to emerge from Chapter 11 bankruptcy in about 90 to 120 days.“Today’s announcement marks an important milestone in our efforts to reinforce Hooters’ financial foundation and continue delivering the guest-obsessed hospitality experience and delicious food our customers and communities have come to expect,” said Sal Melilli, CEO of Hooters of America, in the statement.The Chapter 11 filing was made in a Texas court—a common move for companies seeking to restructure while continuing operations. Hooters said it will continue running its restaurants during the bankruptcy proceedings, though it is “evaluating the Company’s operational footprint,” which could lead to additional location closures.Hooters was acquired in 2019 by private equity firms Nord Bay Capital and TriArtisan Capital Advisors. The new buyer group includes original Hooters founders, including Neil Kiefer, CEO of the franchisee group Hooters Inc.“For many years now, the Hooters brand has been owned by private equity firms and other groups with no history or experience with the Hooters brand,” Kiefer said in Monday’s press release.In an interview with Bloomberg News last week, Kiefer noted that the turnaround strategy will focus on making the chain more family-friendly.He added that the founder-led buyout will help bring the brand “back to its roots.” The company reaffirmed its commitment to the iconic chain, stating: “Our renowned Hooters restaurants are here to stay.”