One of America's famed restaurant chains, Hooters, known for its wings and waitresses, filed for bankruptcy on Monday after accumulating $376 million in debt, Reuters reported.
The company submitted its filing in a Texas court with the intent to sell 151 of its corporate-owned sports bars to a buyer group that already operates 30 such stores.
Neil Kiefer, a member of the buyer group and also the CEO of the original Hooters outlet in Clearwater, Florida, responded to the development, stating, "With over 30 years of hands-on experience across the Hooters ecosystem, we have a profound understanding of our customers and what it takes to not only meet, but consistently exceed their expectations."
Under its frequently asked questions, the company posted a response that is endeavoring to persist through the restructuring under Chapter 11 of the U.S. Bankruptcy Code.
"Hooters is here to stay," the company wrote, "and with a stronger financial foundation and streamlined operations on the other side of this process, we will be well-positioned to continue delivering the guest-obsessed hospitality experience and delicious food our valued customers and communities have come to expect well into the future."
The restructuring under the bankruptcy is expected to take three to four months — after completing the transaction with the buyer group.
Hooters operates 305 locations worldwide — 151 of which are company-owned and 154 operated by franchisees.
Nick Koutsobinas ✉
Nick Koutsobinas, a Newsmax writer, has years of news reporting experience. A graduate from Missouri State University’s philosophy program, he focuses on exposing corruption and censorship.
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