Hooters adds itself to the list of bankrupt dining chains
Hooters has $376 million worth of debt.
Transcript:
Loren Torres: After several popular casual dining chains filed for bankruptcy in 2024, another can be added to the list: Hooters. The chain, which was founded in 1983, needed to figure out a way to approach its $376 million in debt. And it will now sell all of its company-owned locations to a group backed by some of its original founders.
The company owns and operates 151 locations, with an additional 154 operated by franchisees. But like many other casual dining restaurants - Hooters has struggled with inflation, higher costs, and more cost-conscious consumers.
Related: Another iconic restaurant chain files for Chapter 11 bankruptcy
According to the Federal Reserve Bank of St. Louis, restaurant prices have increased by 30% over the last 5 years. And in 2024, rising costs caused TGI Fridays and Red Lobster, among others, to file for bankruptcy.
That’ll do it for your daily briefing. From New York City, I’m Loren Torres with TheStreet.
