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Hooters to file for bankruptcy soon: Report

By
FOX TV Digital Team
Business
Published February 21, 2025 3:45 PM MST
Published February 21, 2025 3:45 PM MST
article

FILE - A Hooters restaurant in California in 2025. ( David Paul Morris/Bloomberg via Getty Images)

The Brief

    • Hooters plans to file for bankruptcy soon, according to a Bloomberg report.
    • The sports bar chain shuttered dozens of restaurants in June 2024.

Hooters is getting ready to file for bankruptcy, according to a Bloomberg report.

The casual dining franchise is working with creditors on a plan to restructure its operations. 

Hooters faces financial strain

What we know:

Hooters is working with the Ropes & Gray law firm to assist with the filing process. 

What we don't know:

The company has not made a final decision on seeking Chapter 11 protection, but a filing could take place in the next two months, according to Bloomberg. 

Dozens of locations closed

The backstory:

The Atlanta-based sports bar chain shuttered dozens of "underperforming" restaurants across the United States in June 2024.

Hooters joined a growing list of eateries that faced the harsh realities of inflation and changing consumer habits. 

Since 2018, Hooters has seen a 12% decline in the number of restaurants, starting with 333 at the end of the year and finishing with 293 in 2023, the publication reported, based on data from restaurant consulting firm Technomic.

The Source: Information for this article was gathered from a Bloomberg report and previous reporting by LiveNOW from FOX. This story was reported from Los Angeles. 

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