Hooters restaurants slashed by a quarter as dozens more locations axed
Hooters has abruptly shuttered at least 30 locations in the US months after filing for Chapter 11 bankruptcy protection.
The restaurant chain suddenly closed the company-owned restaurants across multiple states on Wednesday.
There are now 305 Hooters restaurants across the US, down from around 420 at its peak.
The recent closures were in states including Florida, Georgia, Michigan, North Carolina, South Carolina, Tennessee and Texas.
The brand revealed it was a 'difficult decision' but insisted it was 'here to stay' despite suffering from longtime financial troubles.
'Hooters will be well-positioned to continue our iconic legacy under a pure franchise business model,' a Hooters spokesperson told DailyMail.com.
'We are committed to supporting our impacted team members throughout this process and are incredibly grateful to our valued customers for their loyalty and dedication to the Hooters brand.'
The 42-year-old chain known for its chicken wings and its waitresses has shuttered dozens of restaurants in the last year.
Of the 305 Hooters restaurants still open, 151 are company owned and 154 are franchise-operated locations.
Created by six businessmen, a noticeable feature at all restaurants is scantily- dressed servers.
Co-founder Ed Droste selected Lynne Austin to be the original Hooters girl, and the number of women representing the chain grew from there.
The restaurant chain reached its peak in popularity in the 1990s and steadily expanded its number of locations during that time.
It also introduced a variety of bathing-suit-required events, including the annual Miss Hooters International Swimsuit Pageant.
These events and scandalous advertisements were not enough to stop its downfall, which became noticeable in 2017 due to declining US sales.
Around 40 locations shuttered in 2024, and the chain closed one of its Hoots Wings spin-off restaurants earlier this year.
Once its bankruptcy filing plans were set in motion, the chain began a restructuring plan, which included axing its famous 'bikini nights.'
The chain, which has $376 million in debt, is expected to close more restaurants, and its intellectual property could potentially be bought by Hulk Hogan's Real American Beer brand.
Hooters is not the only restaurant chain to have filed for bankruptcy protection this year.
On the Border Mexican Grill & Cantina announced it would close 76 restaurants after filing for bankruptcy weeks before Hooters.
Bar Louie filed a few days before Hooters for the second time in five years, and closed locations in Ohio, Michigan, and New Jersey before doing so.
Small chains like Hwy 55 Burgers, Shakes & Fries and Planta have also sparked mass closure fears.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
15 minutes ago
- Daily Mail
The top 5 mistakes people make in a divorce that cost them thousands
Getting divorced can be an expensive experience, but experts warn that many don't realize the hidden traps that can rack up the bills. The average cost of a divorce in the US is a staggering $11,300, with lawyers' fees making up the bulk, according to personal finance site The Motley Fool. However, a marriage split is not just a one-off expense; there are often long-term implications too. Many women in particular are at risk of ending up worse off after divorce – especially if they have taken time off work to raise a family. Yet both men and women can end up regretting financial mistakes made during the sound and fury of splitting up. 'People making such mistakes often regret it long term, because they can be irreversible,' divorce lawyer Bari Weinberger told the Wall Street Journal. Experts argue it is important to be prepared and ensure you are completely informed about your financial situation. These are the top five mistakes they urge those embarking on a divorce to avoid. 1. Heavy spending One of the most common mistakes new divorcees make is splurging right after the papers are signed. Some take their settlements and throw a 'divorce party', or indulge in retail therapy after months or even years of acrimonious legal wrangling. Common post-divorce purchases include new cars that become unaffordable on finance plans. Another mistake is rushing to buy a new home too quickly, according to divorce coach Liza Caldwell. Caldwell tells her clients to wait for their lives and especially their finances to stabilize before buying a new property. Caldwell told the Journal that those rushing a fresh start can end up overpaying, or tie up too much of their money in their home while reducing flexibility elsewhere. However, costly spending mistakes can also occur just before a marriage fails. Weinberger warns that committing to expensive vacations or new joint debts such as a mortgage on a new home can complicate their process of dividing marital assets during divorce. 2. Hidden assets Some spouses will hide assets before they ask for a divorce in order to gain more from the overall settlement. A common tactic is giving money to friends and family on the understanding that it will be returned after the divorce is settled. Florida accountant Mirtha Valdes Martin told the Journal that she has frequently seen small business owners use this tactic to avoid a fair settlement. Martin said that one way to avoid becoming the losing party is to file for divorce first. Those who suspect their partner may be hiding assets can also seek a settlement that includes even division of assets discovered after the divorce is complete. There is also the option to hire a private investigator or a forensic accountant to get to the bottom of any suspicions. Many women in particular are at risk of ending up worse off after divorce New Jersey divorce lawyer Bari Weinberger says divorcees can regret their financial mistakes 3. Emotion bills Divorce can be a painful time but experts warn that allowing your emotions to prolong proceedings can rack up ever larger bills. Maggie Kim, author of the 'Divorce or Die' newsletter, told the Journal that she spent $500,000 on legal fees over a seven-year divorce process. 'Emotions were the biggest reason that my divorce and custody fight took seven years,' she explained. Now Kim tells her readers to draw on support from their friends and family rather than treating divorce lawyers like therapists. You won't feel better 'when you get a five-figure bill later because you spent two hours sobbing in their office — again,' Kim said. 4. Illiquid assets Illiquid assets such as stock options, individual retirement accounts and real estate, can be among the hardest parts of a divorce to settle. This is because by their very nature they cannot easily be turned into cash and split evenly. Selling stocks can stop an investment from growing over time and incur heavy transaction fees. Retirement accounts can also incur heavy penalties if withdrawn before retirement age. Financial advisor Stacy Francis told the Journal she asks divorcing couples to take all of these constraints into account when deciding how to divide their marital assets. For example, if illiquid assets are too big of a sum to be able to give up a claim to them completely, then 'it may indeed be worth waiting until they vest, mature or are able to be sold,' Francis explained. 'Negotiating for structured payouts or even a co-ownership agreement can be a creative workaround.' Maggie Kim spent $500,000 on legal fees over a seven-year divorce process 5. Underestimating expenses Couples who have been together decades can often forget a time before two incomes. Individuals going through a divorce may therefore underestimate how much it will cost to run a household alone again. Major expenses can include housing and health insurance, as well as discretionary spending such as restaurant meals and subscriptions. Rick Jones, a divorce lawyer from Seattle, told the Journal that his male clients can often misjudge the cost of both child support and running their own home. 'Fathers paying full or partial child support don't anticipate the additional cost of having a home big enough for their kids' visits,' he said. To avoid financial pitfalls later on, Jones urges divorcing couples to make realistic budgets setting out what cash-flow they will need to cover their expenses.
Daily Mail
29 minutes ago
- Daily Mail
City dubbed 'Silicon Hills' sees college grads flock there for 'insane' deals including 2 months FREE rent
A Texas city with a booming tech industry has been dubbed the best place for young adults to move after college for its shockingly affordable rental options. Austin, the capital of the Lone Star State, is the ideal location to launch into post-graduate life for its astonishing income-to-rent ratio and significant number of available homes, according to The digital real estate marketplace crunched numbers from 318 US cities in the 50 largest metropolitan areas, each with populations of more than 75,000 people, to determine the top 10 rental markets for the up-and-coming demographic. Experts considered affordability for the 25 to 34 age group, number of open rentals, job opportunities in the area and occupation stability. Silicon Hills - a nickname the city earned for attracting business including Dell, IBM, Amazon, Google, Oracle and Apple - earned its spot at the top of that list. 'Austin has always been such a desirable destination for people to move to,' Brad Pauly, the founder of Pauly Presley Realty, told 'Heck, I moved here from Houston 30 years ago and I've never wanted to leave just because it's such a great city.' Every year, Pauly's firm rents out roughly 500 homes in the Austin Metropolitan area. Clients are generally in their 20s and 30s and come to the city for work, he said. 'Austin's always kind of been a 'younger town' because the workforce in tech is younger,' he explained. 'Some are looking for those four-bedroom affordable homes that you can get for around 2,200 bucks a month. And then all the way to your downtown high-rise dwellers, who are just looking for a penthouse in the sky.' He said the Central Texas hub has always been uniquely tailored to a freshly-graduated age group, as there are a variety of outdoor recreational options and a bustling 'party scene'. 'And of course, another thing that a lot of people love about this town is the affordability factor,' he explained. Austin's median rent price is $1,450 per month, $249 less than the national average of $1,699, reported. Earning an average annual income of $95,475 - 15.6 percent higher than the average across the top 50 metropolitan areas - residents can afford a median rent of $2,560. However, the average rent is only $1,470, meaning the city has the lowest rent-to-income ratio on the list. This ratio reflects the portion of someone's income that must go towards rent each month. Austin's is only 18.9 percent, meaning less than a quarter of people's incomes are contributing the their living accommodations, giving residents more freedom with their wages. The average across the top 50 metros is 24.9 percent. Every city that made it to the top 10 places for recent graduates - including Raleigh, North Carolina and Minneapolis, Minnesota - had lower ratios than this average. But what sets Austin apart is its significantly higher vacancy rate than any other city named by Also regarded as the 'Live Music Capital of the World,' 29.4 percent of rentals are available. 'That percentage, I imagine, is going to go up as more and more apartment complexes become available,' Pauly explained, pointing to a housing situation created by the pandemic. During COVID, the Austin area was essentially grid locked in terms of real estate and had 'almost negative inventory', he said. People swarmed Austin from across the country as it was an affordable place to live and had less strict protocols than other places in the US. 'All the occupancy rates for apartment complexes in 2021, 2022 were 99 percent,' the realtor added. 'Austin had almost no inventory in terms of leasing or properties to buy, which is one of the reasons the market appreciated so fast here in such a short amount of time. 'And so at the time it was, 'oh, we need housing, right?' So I can't tell you how many developers started building homes, developing complexes, which are still coming along today.' Developers went into overdrive - and luxurious apartment complexes started popping up throughout the city and nearby areas. Residents also started selling their homes and dropping their leases as COVID eased up, suddenly creating a wide-open housing market. More rental options became available in the capital and its surrounding cities, but less people started moving in, Pauly said. In 2020, roughly 48,800 people from other states moved to the Austin Metropolitan Statistical Area, according to the Austin Chamber of Commerce. But in 2024, under 14,000 people ventured into the city. In fact, Austin was among the top five US cities that people were fleeing from just last year, according to a PODS survey. There was improvement this year, as it was in the top 20 cities with the highest move out rates. Although data shows Austin is a favorable place to rent, it is not an ideal market for prospective home buyers. 'It's mainly due to the higher interest rates. So the Austin sales market is slow right now,' Pauly explained. 'But all that's going to take for that to change is for mortgage rates to come down even a half point. 'You can get some great deals now in Austin. In a lot of ways, it's more cost-effective to rent than buy right now in Austin - especially in apartment complexes.' The Howard apartments is incentivizing renters with two and a half free months of rent. Located in Manor, just about 15 minutes away from Austin, a 575-sqaure-foot one-bedroom, one-bathroom apartment is listed at about $1,300 per month. In comparison, renters should expect to pay anywhere from $3,234 to $6,781 for a similar apartment in Manhattan, according to The Lakes apartment complex in Austin is also offering a rent break to lure people in - six weeks of free rent, according to its website. The Prado in Dell Valle, just about 15 minutes away from Austin, is offering 8 weeks without pay. 'It's these lease-up deals. They try as hard as they can to lease up their properties as quickly as they can without reducing the actual effective lease rate by giving free months of rent,' Pauly summarized. But he is not sure how long these sweet deals will last. 'That's the million-dollar question. It really is, because there's still people moving to Austin, even though we had a net loss of residents last year,' he explained.
Daily Mail
29 minutes ago
- Daily Mail
The luxury mountain enclave where homes cost up to $18million is just 20 minutes from the Vegas Strip
A luxury mountain community carved out of solid rock just minutes from the Las Vegas Strip is offering its final collection of homes, with price tags reaching a staggering $18million for a single plot of land. Ascaya, the exclusive Henderson enclave that was made out of the McCullough Range mountains, has revealed its last batch of available lots. This comes after years of development work that moved 15 million cubic yards of material. The enclave calls itself a 'private luxury community overlooking Las Vegas'. 'The next era of luxury in Las Vegas is here. From the panoramic views of the world-renowned Strip to the stunning collection of desert contemporary homes to the remarkable array of amenities and experiences, Ascaya is in a class all by itself,' its website writes. The newly released Cloud Rock Collection features 58 lots ranging from 1.6 to 6.6 acres. Prices start at $2million and reach up to $18million for the most luxurious sites. These final lots boast the highest elevation in the development and are on average the largest available, development lead Sam Brown told Las Vegas Review Journal. Since reopening, Ascaya has attracted a who's who of celebrities and sports figures, including Kiss rock legend Gene Simmons and Las Vegas Raiders owner Mark Davis. Brown told the Las Vegas Review-Journal that the current economic state including high interest rates and stock market volatility, doesn't stop the ultra-wealthy clientele. 'We cater to an affluent clientele, and if interest rates are, say, 4.5 percent versus I think around 6.5 percent today, that really means something to the vast majority of people,' Brown told the outlet. 'In Ascaya, most people are either paying cash or it's a decision to finance, not necessarily a requirement based on the means that they have,' Brown added. 'In our core business, which is selling these homesites, people who buy them have to have a somewhat medium-to long-term horizon. 'You don't buy a homesite and move in the next day. You hire an architect, design your dream house, and get it built, which is a two to three-year process.' The development is planned for more than 300 homes total, with 67 already completed as of early May, another 27 under construction or in the permitting process, and 20 more in architectural review. The minimum home size requirement is 4,500 square feet on most streets, though the average Ascaya residence spans over 8,000 square feet. The enclave also includes experiences and entertainment options such as a fitness center, a 50m swimming pool, private cabanas and a tennis and pickleball pavilion. The enclave also includes experiences and entertainment options such as a fitness center The minimum home size requirement is 4,500 square feet on most streets, though the average Ascaya residence spans over 8,000 square feet Brown concluded: 'We're seeing great activity on the lots. We're also getting close to coming online with our condominium project, called The Canyon Residences. 'We think it allows Ascaya to reach a broader market. They're 3,500 to 4,500 square feet, so I would refer to them, in relativity, as compact.'
