17 hours Ago By Molly Byrne
After 40 years of serving customers, Hooters could potentially be filing bankruptcy after acquiring $300M in debt. Hooters has been a hot spot since 1983 when the first location opened in Clearwater, Florida. Though customers have loved the iconic chain restaurant for its wings, beer, and waitresses dressed in their matching Hooters outfits, the company is preparing to file bankruptcy.
In 2024, Bloomberg reported that Hooters was facing $300M in debt, leading them to close roughly 40 “underperforming” restaurants throughout the states. Now, the company is working with Ropes & Gray law firm as they make arrangements for bankruptcy. Though the filings aren’t yet binding, the court could begin its process within months if Hooters goes through with its decision.
Hooters acquired its $300M debt in 2021 Hooters possessed its debt in 2021 when it sold $300M in bonds, backed by the restaurant’s owned assets. If the company cannot pay its debt, it’ll potentially be forced to sell said assets, which is why it could likely go bankrupt. After Hooters customers heard that soon, there may no longer be any remaining locations, they expressed how shocked they were.
“Wow, no way,” commented one on X. “All-time worst moment,” added another. “WHAT?!?!?! That’s it, I’ll save you Hooters.
I will be there EVERY DAY from now on!!” a third exclaimed. Some Hooters customers suggested that social media and other adult sites could be the reason for a possible lack of interest in dining there, saying that you can get the same experience online as you would in the restaurant. Related Man accused of financially abusing girlfriend over his soup addiction: Viral story explained Just last year in May, Red Lobster filed bankruptcy after it racked up $294M in debt.
Though the company closed approximately 100 locations at the time, Red Lobster continues to run as an independent company with a new owner and CEO..
