Hooters is reportedly preparing to file for Chapter 11 bankruptcy in the coming months. This news adds the iconic restaurant chain to a growing list of businesses facing financial difficulties.
Hooters, known for its wings and casual dining experience, has been struggling to keep up with changing consumer preferences and economic challenges. The company has already shuttered dozens of stores this year, reducing its global presence to about 300 restaurants.
The decision to file for bankruptcy comes as Hooters works to address its mounting debts and operational challenges. This move will allow the company to restructure its finances and hopefully emerge stronger in the future.
Sources:
https://parade.com/food/hooters-reportedly-preparing-for-chapter-11-bankruptcy
https://finance.yahoo.com/news/hooters-preparing-file-bankruptcy-shuttering-180800550.html