Latest news with #SalMelilli
Yahoo
04-04-2025
- Business
- Yahoo
Hooters Files For Bankruptcy, Says Brand 'Isn't Going Anywhere'
Hooters announced Monday it filed for Chapter 11 bankruptcy protection The company plans to sell its 100 owned locations to two franchise groups Hooters has said it will take 90-120 days to exit bankruptcy Hooters, the restaurant chain known for its all-female waitstaff, neon orange branding, and chicken wings, on Monday it filed for bankruptcy protection. Hooters of America said the Chapter 11 bankruptcy filing would allow it to continue normal operations during the proceeding. Hooters said in a statement that all of the 100 restaurants it currently owns will be sold off to two existing franchisees. The existing franchisees own and operate more than 30% of Hooters locations in the U.S. . Don't Miss: Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – One of the franchisees is Hooters Inc., which includes many of the original Hooters founders. "With over 30 years of hands-on experience across the Hooters ecosystem, we have a profound understanding of our customers and what it takes to not only meet, but consistently exceed their expectations," Hooters Inc. CEO Neil Kiefer, speaking on behalf of the buying groups, said in the statement. "As we look toward the future, we are committed to restoring the Hooters brand back to its roots and simplifying [Hooter's of America's] operations by adopting a pure franchise model that will maximize the potential for sustainable, long-term growth." The bankruptcy filing was made in the U.S. Bankruptcy Court for the Northern District of Texas. Hooters is seeking approval of $40 million of debtor-in-possession financing from its existing lenders, including $35 million of new capital. As of this writing, it has acquired just $35 million from its existing lender group to help complete the bankruptcy transaction. The company expects to exit the proceedings in 90-120 days. Trending: Many are using retirement income calculators to check if they're on pace — "Our renowned Hooters restaurants are here to stay," Hooters of America CEO Sal Melilli said in the statement. "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. I've seen firsthand the incredible value and opportunities our brand brings to life, and I look forward to continuing that momentum well into the future." The iconic owl logo and flavorful wings might be here to stay, but the company's image will likely be receiving quite a facelift. In an interview last week with Bloomberg, Kiefer teased plans to make the restaurant chain more family friendly. The first things on the chopping block for the CEO are the iconic uniforms and gimmicks like Bikini Day. Hooters, which is owned by private-equity firms Nord Bay Capital and TriArtisan Capital Advisors, first revealed plans for a potential restructuring in February. Read Next: Have $200K saved?Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Hooters Files For Bankruptcy, Says Brand 'Isn't Going Anywhere' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
02-04-2025
- Business
- Yahoo
Hooters files for bankruptcy. How many Hooters are left in Ohio, NKY? What we know
Restaurant chain Hooters filed for Chapter 11 bankruptcy protection on Monday. Despite its $376 million debt, the company assures customers that Hooters is "here to stay." Hooters plans to sell 151 of its corporate-owned restaurants to a buyer group that already operates 30 of its U.S. locations. A U.S. bankruptcy judge must first approve the transaction, USA TODAY reports. Factors such as inflation, high labor costs and fewer customers have been said to contribute to the chain's challenges, and other casual dining restaurants like Red Lobster and TGI Fridays have also felt the pressure. Here's what we know about the restaurant's future in Ohio and Kentucky. The company has no plans to close Hooters locations amid the bankruptcy filing and said in a news release that it will continue to "operate in a business-as-usual manner during its chapter 11 cases." 'Our renowned Hooters restaurants are here to stay,' said Hooters of America CEO Sal Melilli. The chain says that as it completes the Chapter 11 bankruptcy process, all Hooters locations will be franchisee-owned. Hooters said it plans to exit bankruptcy in about three to four months after completing its transaction deal with a buyer group. Ohio has four Hooters locations as well as two others nearby in Northern Kentucky, per the website's locations list. Dayton: 6851 Miller Lane Mason: 9890 Escort Drive Springdale: 12185 Springfield Pike Toledo: 4782 Monroe St. Toledo Newport: 301 Riverboat Row Florence: 7200 Houston Road There are more than 300 total Hooters locations in the U.S., including 151 owned and operated by the company itself and a separate 154 operated by franchisees. This article originally appeared on Cincinnati Enquirer: Hooters files for bankruptcy. How many are in Ohio and NKY? What we know
Yahoo
02-04-2025
- Business
- Yahoo
Hooters Files For Bankruptcy After Shutting Down Restaurants
Last year, Hooters quietly shut down dozens of restaurants across the United States, and now it looks like there's a good reason for that move as the restaurant chain announced on Monday that it had filed for bankruptcy. The restaurant chain closed at least 44 of its "underperforming" restaurants across 14 different states last year in a move that it said was in response to "pressure from current market conditions." "Ensuring the well-being of our staff is our priority in these rare instances," the company said in a statement. "This brand of 41 years remains highly resilient and relevant. We look forward to continuing to serve our guests at home, on the go and at our restaurants here in the U.S. and around the globe." However, that does not seem to have solved their woes as the company announced on Monday that it filed for Chapter 11 bankruptcy protection in Texas court. '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 the release. This move comes after the parent company's CEO revealed plans to make the restaurant chain known for its beer and skantily dressed waitresses a little more family friendly. Neil Kiefer, CEO of HMC Hospitality Group – the parent company of the group of men who created the Hooters brand – recently spoke to Bloomberg about what he called a 're-Hooterization.' 'You go to some parts of the country and people say, 'Oh, I could never go to Hooters, my wife would kill me,'' Kiefer said. 'That's depressing to us. We want to change that.' We'll have to see whether or not the bankruptcy process and the re-branding can save the struggling restaurant chain.
Yahoo
01-04-2025
- Business
- Yahoo
Hooters files for bankruptcy
Hooters — the restaurant chain first known for its orange-clad, all-female wait staff and then its chicken wings — filed for bankruptcy, the company announced Monday. But the decades-old brand said it isn't going anywhere. In the bankruptcy process, the company plans to sell all of its 100 company-owned restaurants to two franchisee groups that operate Hooters locations in the Tampa, Florida, and Chicago areas. The combined group collectively operates a third of the US franchised-owned locations, according to the press release. Hooters joins other fast-casual restaurants, such as BurgerFi (BFICQ) and Red Lobster, which filed for bankruptcy amid rough business conditions. The company's workforce has also come under fire, with lawsuits ranging from racial discrimination to gender discrimination. Hooters closed dozens of restaurants last year, blaming rising food and labor costs. The company said it plans to exit Chapter 11 bankruptcy in 'approximately 90-120 days.' '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 the release. Hooters filed for Chapter 11 bankruptcy protection in Texas court, a common route for struggling companies hoping to solve their financial problems through reorganization. Hooters said it will continue to operate its business as usual, although it said it is 'evaluating the Company's operational footprint' for its company-owned locations. That means it may end up closing some locations during its bankruptcy process. Private equity firms Nord Bay Capital and TriArtisan Capital Advisors bought Hooters in 2019. The buyer group includes the original Hooters founders, including Neil Kiefer, CEO of franchisee group Hooters Inc. '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,' Kiefer said in a press release Monday. In an interview with Bloomberg News last week, he said that the turnaround plan includes making the chain more family friendly. Kiefer said that the founder-led buyout will allow the brand to go 'back to its roots,' and the restaurant emphasized that, 'Our renowned Hooters restaurants are here to stay.' CNN's Jordan Valinsky contributed to reporting. Sign in to access your portfolio
Yahoo
01-04-2025
- Business
- Yahoo
Atlanta-based Hooters files for bankruptcy, says it's not going anywhere
Atlanta-based Hooters has filed for Chapter 11 bankruptcy. But the bar restaurant chain known for its female wait staff in orange shorts says it isn't planning to go anywhere. Hooters plans to sell all of its 100 company-owned restaurants to two franchisee groups. The company has come under fire in recent years including several lawsuits for racial and gender discrimination. Last year, Hooters closed dozens of restaurants because of rising food and labor costs. The Wall Street Journal reports the chain plans to return its original founders as part of a new management team in its reorganization. The company expects to emerge from Chapter 11 in approximately 90-120 days. 'Our renowned Hooters restaurants are here to stay. 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,' Sal Melilli, Chief Executive Officer of Hooters of America said on Monday. The company closed some of its underperforming stores last year. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] TRENDING STORIES: Colorado man gets life in prison for gunning down Buckhead man, stealing dog 911 call connected to rapper Young Scooter's death released Braves OF Profar suspended 80 games [SIGN UP: WSB-TV Daily Headlines Newsletter]
