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C Street Advisory Group handles Hooters of America as it declares Chapter 11 to pave way for a buyout led by founders of the casual dining chain.
The restructuring plan calls for Hooters to sell its 151 owned restaurants to tackle its $376M debt load, and adopt a franchise model.
Founded in 1983, the chain known for its spicy chicken wings and female waitstaff dressed in orange shorts and low-cut tank tops fell victim to changing consumer preferences and inflation.
Neil Kiefer, a member of the buyer group, said it has more than 30 years of hands-on experience across the chain’s ecosystem.
His group controls 30 percent of the 154 franchised locations, including 14 of the 30 highest volume restaurants.
“We have a profound understanding of our customers and what it takes to not only meet, but consistently exceed their expectations,” Kiefer said.
The new owners plan to restore the Hooters brand back to its roots and simplify operations via the franchise model to maximize the potential for sustainable, long-term growth.
Hooters will remain open during the Chapter 11 process, which is expected to last from 90 to 120 days. “Our renowned Hooters restaurants are here to stay,” promised CEO Sam Melilli.
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