Hooters has $376 million worth of debt.
Transcript:
Loren Torres: After several popular casual dining chains filed for bankruptcy in 2024, another can be added to the list: Hooters. The chain, which was founded in 1983, needed to figure out a way to approach its $376 million in debt. And it will now sell all of its company-owned locations to a group backed by some of its original founders.
The company owns and operates 151 locations, with an additional 154 operated by franchisees. But like many other casual dining restaurants – Hooters has struggled with inflation, higher costs, and more cost-conscious consumers.
According to the Federal Reserve Bank of St. Louis, restaurant prices have increased by 30% over the last 5 years. And in 2024, rising costs caused TGI Fridays and Red Lobster, among others, to file for bankruptcy.
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