“Hoo” is ready for bankruptcy?
Multiple news outlets are reporting Atlanta-based breastaurant franchisor Hooters of America is preparing for a bankruptcy filing in the coming months.
Per its website, the chain has 420 locations in 42 states and 29 countries. The 1983-founded restaurant had just under 100 franchised locations at year-end 2023 with an average unit volume of $3.56 million. The chain reportedly closed 40 restaurants in 2024 and was working with lenders and advisers to address a $300 million debt load.
Hooters was reportedly acquired by Nord Bay Capital (out of Tampa, FL) in 2019 from H.I.G Capital.
Minimal exposure to the brand is disclosed within the public REIT universe except:
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