Economics

697 readers

329 users here now

founded 2 years ago

Hooters files for bankruptcy (www.cnn.com)

submitted 2 days ago by MicroWave@lemmy.world to c/economics@lemmy.world

7 comments fedilink hide all child comments

Summary

Hooters filed for Chapter 11 bankruptcy in Texas, planning to sell its 100 company-owned restaurants to two major franchisee groups from Tampa and Chicago.

These groups already run a third of Hooters' U.S. franchises. The company blamed closures on rising food and labor costs and faces lawsuits over discrimination.

It expects to exit bankruptcy within 90–120 days. Private equity owners Nord Bay Capital and TriArtisan bought Hooters in 2019.

The buyer group includes original founders aiming to make the brand more family-friendly.

you are viewing a single comment's thread
view the rest of the comments

[–] ryathal@sh.itjust.works 5 points 2 days ago

Twin peaks and tilted kilt took the model and added better food.