Hulk Hogan may just be saving Hooters.
The iconic restaurant filed for Chapter 11 bankruptcy back in March, but going out of business never appeared to be an option.
In a press release published at the time, Hooters explained that it had entered into a restructuring support agreement (RSA) with “near unanimous support from its key stakeholders.” Chapter 11 bankruptcy protection allows businesses to restructure their debts while they continue to operate.
Well, Hulk Hogan’s Real American Beer is potentially set to offer an all-cash bid for the Hooters intellectual property, a person familiar told FOX Business Digital.
The bid is a key step in Real American Beer’s expansion into acquiring legacy properties that align with its growing portfolio and mission to build a lifestyle platform that’s as entertaining as it is patriotic.
Pending acquisition, the brand plans to relaunch Hooters across consumer products, digital content, gaming, and experiential formats, but re-energized for today’s generations.
Hooters was founded in Hogan’s hometown of Clearwater, Fla., and was one of the first accounts to carry Real American Beer after its launch.
Hooters has remained open despite the bankruptcy filing.
“Today’s announcement marks an important milestone in our efforts to reinforce Hooters’ financial foundation and continue delivering the guest-obsessed hospitality experience and delicious food our customers and communities have come to expect,” restaurant CEO Sal Melilli said at the time.
Hogan’s brand recently hit shelves in Walmart stores in eight states last year, less than one year after its founding.
It is the official beer of WWE, and it trails only Samuel Adams as the most-popular light beer.
Its name is an ode to Hogan’s entrance music, titled “Real American.”
FOX Business’ Andrea Margolis contributed to this report.
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