Hooters in bankruptcy talks: What we know so far
In recent years, the restaurant chain saw customer foot traffic decline and had to close many locations across the country.
By
Suzanne Blake is a Newsweek reporter based in New York. Her focus is reporting on consumer and social trends, spanning from retail to restaurants and beyond. She is a graduate of UNC Chapel Hill and joined Newsweek in 2023. You can get in touch with Suzanne by emailing s.blake@newsweek.com. Languages: English
Writers PageReporter, Consumer & Social Trends
Hooters is reportedly preparing to file for bankruptcy in the coming months, according to a Bloomberg article published on Friday that reveals the chicken wing chain is looking to restructure its business.
Newsweek has reached out to Hooters for comment via email.
Why It MattersMany restaurants have filed for bankruptcy or significantly updated their ordering systems in an attempt to stay financially afloat in the years following the COVID-19 pandemic.
More than 30 restaurant chains and large franchisees like Red Lobster and TGI Fridays ended up seeking debt protection last year, according to Restuarant Business.
When Will Hooters File for Bankruptcy?Hooters—famous for putting female employees, who are known as "Hooters Girls," in revealing uniforms—is reported to be working with law firm Ropes & Gray to prepare a bankruptcy filing this year, likely within the next several months.
Previously, the Atlanta-based fast casual chain was working on dealing with its debt load with lawyers and advisers at Accordion Partners.
In recent years, Hooters saw customer foot traffic decline and had to close many locations across the country.
In 2021, the restaurant chain sold roughly $300 million in asset-backed bonds. Hooters currently has about 300 locations nationwide.
A Hooters restaurant is seen on January 12, 2007, in Seoul. A Hooters restaurant is seen on January 12, 2007, in Seoul. Chung Sung-Jun/Getty ImagesWill Hooters Restaurants Close Down?While no final decision has been made on Hooters' potential bankruptcy, the chain could face restaurant closures in the months ahead. Previously, the chain closed a spree of "underperforming" stores, citing adverse market conditions.
Higher menu prices have also caused many customers to forgo dining out over concerns of affordability.
From 2015 to 2024, restaurant prices surged 44 percent, according to Black Box Intelligence. Grocery prices, on the other hand, have climbed just 26 percent.
What People Are SayingAlex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "Hooters and similar restaurants are getting hit by three factors concurrently. The higher prices on food supplies equate to higher meal costs. Consequently, more expensive dishes means fewer consumers are dining out. The third factor many don't consider are rising rents on many restaurant locations, which also add to pricing pressures. It's the perfect storm of negative news to make some restaurant chains consider filing for bankruptcy and using the financial opportunity to restructure into a leaner and more cost-effective company."
What Happens NextAs Hooters reportedly looks into its bankruptcy options, the company may negotiate a deal with its creditors to have a leaner and more sustainable business model.
Manchester United rescued a point against Everton in the Premier League after a late penalty for the hosts was overturned by VAR
Read more >> : Cick here
 |
 |
 |
 |
 |
 |
 |
Pope Francis was in critical condition Saturday after he suffered a long asthmatic respiratory crisis that required high flows of oxygen, the Vatican said.
Read more >> : Cick here
|
|
|
|
 |
|
|
Former Trump counselor Steve Bannon came in second place.
Read more >> : Cick here
|
|
|
|
 |
|
|
Ed Sheeran was spotted in the crowds at Ipswich Town stadium alongside Rupert Grint on Saturday as the pair watched the game against Tottenham. The musician and actor are long term friends.
Read more >> : Cick here
|
|
|
|
 |
|
|
The Premier League released a statement on Saturday explaining why a penalty was not awarded against Manchester United at the end of their 2-2 draw at
Read more >> : Cick here
|
|
|
|
 |
|
|
After a disappointing loss to the Brandon Wheat Kings on Tuesday, the Prince Albert Raiders got back in the win column, downing the Moose Jaw Warriors 4-1 at th
Read more >> : Cick here
|
|
|
|
 |
|
|
Rachel, a personal trainer from Essex, confessed her sporting legend dad was a huge influence
Read more >> : Cick here
|
|
|
|
 |
|
|
Britain's Got Talent returned to TV's across the nation this weekend
Read more >> : Cick here
|
|
|
|
 |
|
|
The two shows have a lot in common.
Read more >> : Cick here
|
|
|
|
 |
|
|
Â
Read more >> : Cick here
|
|
|
|
 |
|
|
A cholera outbreak in a southern Sudanese city killed nearly 60 people and sickened about 1,300 others over the last three days, health authorities said Saturday.
Read more >> : Cick here
|
|
|
|
 |
|
|
The new Britainâ??s Got Talent judge is a boxer, music artist and business powerhouse
Read more >> : Cick here
|
|
|
|
 |
|
|
Simon will be joined by his fellow judges Amanda Holden, Alisha Dixon and Bruno Tonioli this weekend
Read more >> : Cick here
|
|
|
|
 |
|
|
The latest Manchester United news as Ruben Amorim's side came from 2-0 down to get a 2-2 draw against Everton at Goodison Park.
Read more >> : Cick here
|
|
|
|
 |
|
|
Britain's Got Talent judge Alesha Dixon shocked her loyal fans as she split from her partner of 18 years Azuka Onoye, last year
Read more >> : Cick here
|
|
|
|
 |
|
|
Twitter (X), Inc. was an American social media company based in San Francisco, California, which operated and was named for its flagship social media network prior to its rebrand as X. In addition to Twitter, the company previously operated the Vine short video app and Periscope livestreaming service
Twitter (X) is one of the most popular social media platforms, with over 619 million monthly active users worldwide. One of the most exciting features of Twitter (X) is the ability to see what topics are trending in real-time. Twitter trends are a fascinating way to stay up to date on what people are talking about on the platform, and they can also be a valuable tool for businesses and individuals to stay relevant and informed. In this article, we will discuss Twitter (X) trends, how they work, and how you can use them to your advantage.
What are Twitter (X) Worldwide Trends?
Twitter (X) Worldwide trends are a list of topics that are currently being talked about on the platform and also world. The topics on this list change in real-time and are based on the volume of tweets using a particular hashtag or keyword. Twitter (X) Worldwide trends can be localized to a Worldwide country or region or can be global, depending on the topic's popularity.
How Do Twitter (X) Worldwide Trends Work?
Twitter (X) Worldwide trends are generated by an algorithm that analyzes the volume of tweets using a particular hashtag or keyword. When the algorithm detects a sudden increase in tweets using a specific hashtag or keyword, it considers that topic to be trending.
Once a topic is identified as trending, it is added to the list of Twitter (X) Worldwide trends. The topics on this list are ranked based on their popularity, with the most popular topics appearing at the top of the list.
Twitter (X) Worldwide trends can be filtered by location or category, allowing users to see what topics are trending in their area or in a particular industry. Additionally, users can click on a trending topic to see all of the tweets using that hashtag or keyword.