Latest news with #HOA-owned
Yahoo
13-06-2025
- Business
- Yahoo
Hooters Makes Big Announcement After Abruptly Closing Over 30 Locations
On June 4 news broke that iconic restaurant chain Hooters abruptly closed more than 30 locations across 14 states. "Hooters will be well-positioned to continue our iconic legacy under a pure franchise business model," the company said in a statement to the USA Today. "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." In a statement on the chain's website, Hooters made it clear the company isn't going out of business. "Hooters is here to stay, and with a stronger financial foundation and streamlined operations on the other side of this process, we will be well-positioned to continue delivering the guest-obsessed hospitality experience and delicious food our valued customers and communities have come to expect well into the future," a statement on the website read. Just a day later, Hooters revealed restructuring plans that would allow Hoot Owl Restaurants LLC to acquire more then 100 HOA-owned restaurants. In a press release, the company said it expected the store closures would occur before the transaction was finalized while it still expects approximately 200 domestic Hooters restaurants and 60 international Hooters restaurants to remain open. "We are confident that the acquisition will be finalized later this summer and we are excited to move forward into the next chapter of the Hooters brand," Neil Kiefer, CEO of Hooters Inc. said in a statement on behalf of the Buyer Group. "Decisions about store closures are never easy to make but all parties are completely aligned in bringing the necessary resources required to make the remaining 200 domestic Hooters locations as successful as possible. The Buyer Group has been extremely impressed with the restaurant-level employees of the restaurants they are acquiring and are excited to welcome them into the Hooters Inc. and Attila Wings organizations."Hooters Makes Big Announcement After Abruptly Closing Over 30 Locations first appeared on Men's Journal on Jun 5, 2025 Sign in to access your portfolio
Yahoo
12-06-2025
- Business
- Yahoo
Hooters Makes Big Announcement Following Sudden Restaurant Closures
Hooters Makes Big Announcement Following Sudden Restaurant Closures originally appeared on Parade. Hooters is issuing an important reminder and teasing a big update to come amid the news that the restaurant chain suddenly shuttered dozens of company-owned locations this week. Early on Thursday morning, mere hours after the chain went viral for what it called a "difficult decision" to close several storefronts across multiple states, Hooters reiterated that the restaurant company isn't going anywhere and it intends to bring back what "initially drove its success" in the first place: the original uniforms and recipes. The iconic wing spot said the sudden closure of company-owned stores in several states on Wednesday, June 4, was part of a larger restructuring plan that will allow more than 100 company-owned Hooters restaurants to continue serving fans today and going forward. Related: As Hooters of America (HOA) announced in April, it is working on a "historic deal" that would allow Hooters Inc. and Hoot Owl Restaurants (or the "Buyer Group") to acquire more than 100 HOA-owned restaurants. The conversations are ongoing, but before the acquisition is finalized, all parties agreed that this set of store closures would occur first. HOA explained in the June 5 announcement that by transferring the company-owned restaurants to this group of operators, which it said is comprised of "existing Hooters franchisees, including the original Hooters founders" and people who have "each been in the Hooters system for over 30 years," it will put the rest of the company-owned restaurants "in the hands of the best possible operators to maximize their future success." Not only that, but the Buyer Group said it intends to "return Hooters to the core principles that initially drove its success, including some of its original recipes and original Hooters Girls uniforms." "We are confident that the acquisition will be finalized later this summer and we are excited to move forward into the next chapter of the Hooters brand," Neil Kiefer, CEO of Hooters Inc. said in a statement on behalf of the Buyer Group. "Decisions about store closures are never easy to make but all parties are completely aligned in bringing the necessary resources required to make the remaining 200 domestic Hooters locations as successful as possible." "The Buyer Group has been extremely impressed with the restaurant-level employees of the restaurants they are acquiring and are excited to welcome them into the Hooters Inc. and Attila Wings organizations," the statement concluded. The acquisition of Hooters of America is expected to conclude by the end of the summer and the companies say that after the transaction has been finalized, it will still operate approximately 200 domestic Hooters restaurants (or about 65 percent of all Hooters locations in the U.S.) and an additional 60 restaurants around the world. Hooters franchises, including those restaurants located outside the U.S., will continue to be operated by franchisees and license partners. Next: Hooters Makes Big Announcement Following Sudden Restaurant Closures first appeared on Parade on Jun 5, 2025 This story was originally reported by Parade on Jun 5, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-06-2025
- Business
- Yahoo
Hooters begins unexpected closures during bankruptcy process
Hooters of America (HOA) has begun the unexpected closure of more than 30 company-owned restaurants across a dozen states, despite earlier assurances that it would not close locations during its bankruptcy proceedings. The company described the closures as a "difficult decision" on 4 June 2025. In April, HOA filed for bankruptcy in the state of Texas, intending to address its $376m debt by selling all its corporate-owned restaurants to a buyer group. The buyer group, which includes Hooters Inc and Hoot Owl Restaurants LLC, has confirmed that the restructuring transactions intended to transfer ownership of more than 100 HOA-owned restaurants are still on track. The closures were anticipated by both HOA and the buyer group as a necessary step before finalising the transaction. They expect around 200 domestic and 60 international Hooters restaurants to remain operational, contributing to an estimated $700m in systemwide sales by the time the deal closes in August 2025. Upon completion, the buyer group plans to operate approximately 130 Hooters restaurants - around 65% of the domestic locations. The group consists of existing Hooters franchisees, including the original founders, who currently own and manage more than 30% of the domestic franchised locations. These operators also run 14 of the 30 highest-grossing Hooters restaurants, with average revenues in 2024 more than double those of the HOA-owned restaurants. The transfer of more than 100 company-owned restaurants to this experienced group is expected to simplify HOA's business and enhance the future success of these locations. All existing Hooters franchises, including international outlets, will continue to be run by the company's franchise and license partners. Negotiations in April set the terms for acquiring the HOA-owned restaurants and a management agreement where Hooters Brand Management (HBM), owned by the Buyer Group and others familiar with the brand, will oversee most of the franchise support functions for HOA. The definitive documentation for this agreement is being finalised for presentation to the bankruptcy court shortly. HBM has also negotiated to take over most of HOA's franchise support obligations, including management of the national ad fund, the central purchasing organisation, franchise development and support, and other key functions. The buyer group aims to reinstate the original principles that propelled Hooters' initial success, including some classic recipes and the original Hooters Girls uniforms, and to invest significantly in the restaurants to meet the high standards of its current Hooters' locations. North Point Mergers & Acquisitions represents the buyer group, with Morrison & Foerster as its legal counsel. "Hooters begins unexpected closures during bankruptcy process" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-06-2025
- Business
- Yahoo
Hooters is closing over 30 locations across U.S. Here's where in Florida
Florida-based restaurant chain Hooters abruptly closed over 30 locations across multiple states, including six in Florida. These new closures come after the chain filed for bankruptcy back in March. Hooters told USA TODAY on June 4 that the closed stores were company-owned and called the decision to close them a "difficult one." "Hooters will be well-positioned to continue our iconic legacy under a pure franchise business model," the company said. "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." Following the closures, Hooters Inc. and Hoot Owl Restaurants LLC (the Buyer group) released a statement saying both parties still expect approximately 200 domestic and 60 international Hooters restaurants to remain open. They reiterated that the restructuring transactions allow the Buyer Group to acquire more than 100 HOA-owned restaurants and are still proceeding as contemplated. 'We are confident that the acquisition will be finalized later this summer and we are excited to move forward into the next chapter of the Hooters brand," Neil Kiefer, CEO of Hooters Inc. on behalf of the Buyer Group. "The Buyer Group has been extremely impressed with the restaurant-level employees of the restaurants they are acquiring and are excited to welcome them into the Hooters Inc. and Attila Wings organizations." The following locations were confirmed by the USA TODAY Network to be closed: Sanford - 550 Towne Center Circle Orlando - 5300 Kirkman Road Kissimmee - 1201 W Osceola Parkway Melbourne - 877 S Babcock Street Jacksonville - 4521 Southside Boulevard Tallahassee - 2000 N. Monroe Street The chain also closed four Florida locations last year: Gainesville, 3105 SW 34th St. Lakeland, 3437 South Florida Ave. Orange Park, 1740 Wells Road West Palm Beach, 2020 Palm Beach Lakes Blvd. According to company lore, the first Hooters opened in Clearwater in 1983, when "six businessmen with no restaurant experience whatsoever got together to open a place they couldn't get kicked out of." At its height, it was the largest chain in the "brestaurant" genre of restaurants that advertise attractive waitresses in tight shirts and shorts. "Hooters Girls" wear white tank tops with the "Hootie the Owl" logo and short orange shorts, plus tan pantyhose and reflect what an old version of the employees' handbook (published by the Smoking Gun) called "the look of the 'All American Cheerleader, Surfer, Girl Next Door." Hooters is renowned for wings, sandwiches, burgers, seafood, and beer, the annual Hooters Girls calendar and the Miss Hooters Pageant. The chain once had more than 430 locations worldwide, a casino hotel in Las Vegas, a TV show, and even an airline called "Hooters Air." Hooters is also famous for multiple lawsuits over discriminatory hiring practices and for going through a long list of owners. Most recently, in 2019, Hooters was sold to Nord Bay Capital and TriArtisan Capital Advisors. The chain has had a rocky few years, with the loss of walk-in traffic during the pandemic and rising food costs. Last year, Hooters shuttered at least 40 locations nationwide, including four in Florida. One of them, in Lakeland, was said by locals to have been the second Hooters ever opened, in 1984. 'Like many restaurants under pressure from current market conditions, Hooters has made the difficult decision to close a select number of underperforming stores,' Hooters of America said at the time in a statement to Nation's Restaurant News. However, Hooters Inc., which markets itself under owns and operates 13 locations in the Tampa area and 13 more in the Chicago area. Beachplace, 17 S Atlantic Blvd Suite 304, Fort Lauderdale Boca Raton, 2240 NW 19th St Suite 1101-A Bradenton, 4908 14th St W Brandon, 10023 E Adamo Dr Cape Coral, 3120 Del Prado Blvd S Clearwater, 2800 Gulf to Bay Blvd (the original) Clearwater Beach, 381 Mandalay Ave Coral Way, 3301 SW 22nd St Unit 104, Miami Daytona Beach, 2100 W International Speedway Blvd Destin, 15015 Emerald Coast Pkwy Doral, 8695 NW 13th Terrace, Miami Ft. Lauderdale - Cypress Creek, 6345 N Andrews Ave Fort Myers, 4411 Cleveland Ave Fort Myers Beach, 4411 Cleveland Ave Hialeah, 680 W 49th St Jacksonville San Jose, 8938 San Jose Blvd Kissimmee West, 8207 W Irlo Bronson Memorial Hwy Lake Buena Vista, 8510 Palm Pkwy, Orlando Lakeland II, 3400 US Hwy 98 N Madiera Beach, 192 Johns Pass, Boardwalk Pl W Melbourne West, 695 Palm Bay Rd NE Naples, 3625 Gateway Ln Ocala, 2711 SW 27th Ave Odessa, 16070 State Rd 54 Orlando Airport, 7222 Augusta National Dr Orlando I Drive, 8801 International Dr Panama City Beach, 12709 Front Beach Rd Pembroke Pines, 7990 Pines Blvd Pensacola Beach, 400 Quietwater Beach Rd Port Charlotte, 1360 Tamiami Trail Port Richey, 5336 Treadway Dr Sarasota, 6507 S Tamiami Trail Spring Hill, 3437 Commercial Way St. Petersburg, 4125 4th St N Sunrise, 3805 N University Dr Tampa, 4215 W. Hillsborough Ave Tampa North, 13606 Bruce B Downs Blvd South Tampa, 4420 West Gandy Blvd The Villages: 700 Kristine Way (coming summer 2025) Wesley Chapel: 25245 Wesley Chapel Blvd, Lutz (coming summer 2025) This article originally appeared on Florida Today: Hooters closings come abruptly in Florida. Are any near you?
Axios
01-04-2025
- Business
- Axios
Hooters goes bankrupt, founders plan to retake control
Hooters of America filed for bankruptcy protection and plans to sell over 100 company-owned restaurants to an investor group that includes Hooters' co-founders and franchisees. 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.
