Hooters Pursues Survival via Bankruptcy and Sale Back to Original Founders

Hooters has filed for Chapter 11 bankruptcy, carrying $376 million in debt, and plans to sell its 151 company-owned restaurants to franchise groups in Tampa and Chicago. The chain aims to complete the restructuring within 90 to 120 days while keeping its restaurants open. This bankruptcy puts the jobs of over 18,000 staff at risk, with 70% being female. Although the restaurants will remain operational, the company is assessing its presence, indicating potential closures following the shutdown of 40 locations last year.