Overview

• Hooters shuttered over 30 company-owned restaurants on June 4 across at least 12 states, including Florida, Georgia, Michigan, North Carolina, South Carolina, Tennessee and Texas.
• The chain entered Chapter 11 in March after accruing $376 million in debt, citing inflation, rising labor and food costs and waning dine-in traffic.
• As part of its turnaround, Hooters will sell all 151 corporate locations to franchisees and operate exclusively under a pure franchise model.
• A conditional disclosure hearing is set for June 10, and the company expects to complete its 90- to 120-day restructuring by late summer, pending court approval.
• Hooters says it will maintain service at its remaining restaurants and provide support to impacted employees throughout the transition.