Hooters, a restaurant chain most famous for its all-female staff serving wings in skimpy clothing, is filing for bankruptcy, the company announced on Monday.
Hooters of America is filing for Chapter 11 bankruptcy in Texas after accumulating $376 million in debt, and through the bankruptcy process, plans to sell off all 100 of its company-owned restaurants to two franchisee groups that operate Hooters locations in Tampa, Florida, in an effort to keep the chain afloat.
“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,” said Sal Melilli, chief executive officer of Hooters of America, in a Monday press release.
The company plans to exit bankruptcy in “approximately 90-120 days.”
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