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A chapter submitting may probably be on the menu for Hooters of America within the close to future.
The corporate is taking a look at probably submitting for chapter as a method of restructuring the restaurant chain and tackling its debt, Bloomberg reported Friday, citing unnamed sources.
Ropes & Grey has reportedly been introduced on board for preparations for that potential transfer and, based on the outlet, they may file court docket papers on Hooters’ behalf within the coming two months to kick off the restructuring if the restaurant chain decides to take that step.
NASHVILLE – DECEMBER 31: Hooters Restaurant on December 31, 2015 in Nashville, Tennessee. (Picture By Raymond Boyd/Getty Photos) ( Raymond Boyd/Getty Photos / Getty Photos)
The corporate’s consideration of coming into chapter comes because it has been contending with debt, liquidity issues and fewer individuals coming into its eating places, Bloomberg reported.
HOOTERS SHUTTERS DOZENS OF ‘UNDERPERFORMING’ RESTAURANTS, OPTIMISTIC FOR FUTURE: REPORTS
There are over 410 Hooters areas globally, per the restaurant chain’s web site.
Hooters would mark the most recent struggling restaurant chain to enter chapter ought to it in the end select to pursue that plan of action. Nevertheless, nothing has been finalized, per Bloomberg.
FOX Enterprise reached out to Hooters for remark.
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The corporate has belonged to Nord Bay Capital and TriArtisan Capital Advisors for almost six years. They bought it via a take care of H.I.G. Capital, Chanticleer Holdings and others, who saved a stake within the chain post-transaction, based on a press launch from the time.
The Hooters restaurant is seen in Chantilly, Virginia on January 2, 2015. (PAUL J. RICHARDS/AFP by way of Getty Photos) (PAUL J. RICHARDS/AFP by way of Getty Photos / Getty Photos)
A number of years in the past, Hooters carried out a sale of asset-backed bonds price $300 million, Bloomberg reported.
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The restaurant chain has been in enterprise because the 80s. Its founders arrange its first-ever location in Clearwater, Florida.
Gil DiGiannantonio, Lynn Stewart, Ken Wimmer, Billy Ranieri, Dennis Johnson and Ed Droste have been amongst its six founders, based on the Tampa Bay Occasions.
