Hooters preparing to file bankruptcy after shuttering dozens of locations: report
Hooters closed approximately 40 locations last year and owes $300 million in asset backed bonds
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Another major U.S. restaurant chain appears to be headed toward bankruptcy.
Hooters of America is reportedly working with its creditors on restructuring its business via bankruptcy, according to a new report in Bloomberg.
According to the report — which cites sources with knowledge of the proceedings — Hooters is working with the Ropes & Gray law firm to prepare a filing.
The plans are reportedly not final, but if they do come to fruition the court portion of the bankruptcy would likely begin in the next few months.
The Independent has requested comment from Hooters and its legal representation.
Last year, Bloomberg reported that Hooters was trying to get a handle on its debts, which totaled around $300 million. In doing so, the restaurant shuttered approximately 40 "underperforming" restaurants across the country in 2024. Locations in Rhode Island, Virginia, Florida, Kentucky and Texas were shut down to help the company save on costs.
Bartender Bernie De Guzman serves drinks at the Hooters Restaurant during the grand opening of the Hooters Casino Hotel on February 2, 2006 in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images )Hooters issued the following statement to the Nation’s Restaurant News last year in response to the closures:
“Like many restaurants under pressure from current market conditions, Hooters has made the difficult decision to close a select number of underperforming stores. Ensuring the well-being of our staff is our priority in these rare instances. With new Hooters restaurants opening domestically and internationally, new Hooters frozen products launching at grocery stores, and the Hooters footprint expanding into new markets with both company and franchise locations, this brand of 41 years remains highly resilient and relevant. We look forward to continuing to serve our guests at home, on the go and at our restaurants here in the U.S. and around the globe.”
Earlier this week, Hooters shut down one of its four "Hoots Wings by Hooters" family-friendly restaurants in Chicago. The Hoots Wings concept began in 2017 and features male and female waiters wearing normal clothing, rather than the skin-tight tank-tops and shorts typical of the brand.
Hooters was obtained by a private equity firm in 2019. The $300 million it owes are unpaid bonds, which are backed by the restaurant's owned assets — branding rights, franchise fees, property, etc. If Hooters can't make good on its debt, its lenders could potentially force it to sell off those assets. It sold the $300 million in bonds in 2021 while the pandemic was still keeping diners at home and out of restaurants.
After its closures, Hooters still operates approximately 300 restaurants around the world. In 2018, Hooters operated 333.
While Hooters is losing locations, its rivals — like adult arcade Dave & Busters and Twin Peaks (which references anatomy, not David Lynch) — are slightly expanding their operations.
Hooters, which calls itself "the original American wing joint," started in 1983 in Clearwater, Florida.
If Hooters’ potential restructuring is anything like Red Lobster’s — which filed for bankruptcy last year — the company may come out stronger on the other side. The seafood restaurant shuttered hundreds of restaurants between 2023 and 2024, and picked up a new CEO in Damola Adamolekun, who formerly helmed the popular Chinese sit-down P.F. Chang’s. But the brand is back in operation now, and back to offering deals like its Lobsterfest.
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