Hooters goes bankrupt, founders plan to retake control
Zoom in: The announcement blames private equity, not an antiquated concept, for the chain's poor fortunes.
"For many years now, the Hooters brand has been owned by private equity firms and other groups with no history or experience with the Hooters brand," says Hooters Inc. CEO Neil Kiefer, whose group operates around one-third of the independent franchised stores.
And he brings sauce-stained receipts, claiming that his group's average restaurant revenue is more than double that of HOA-owned locations.
Catch up quick: Hooters of America backers at the time of bankruptcy include Nord Bay Capital and TriArtisan Capital Advisors, while prior PE owners have included H.I.G. Capital and KarpReilly.
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