Hooters of America is currently engaging with financial advisers and lenders as it faces significant revenue declines that have led to the closure of several underperforming locations. The restaurant chain, known for its casual dining and distinctive server uniforms, is seeking guidance from Accordion Partners and the law firm Ropes & Gray. The objective is to address its $300 million debt burden, which is backed by the company’s revenue and assets.
The ongoing discussions highlight the broader difficulties faced by Hooters, as decreasing foot traffic has impacted its financial stability and liquidity. According to sources familiar with the matter, some of the company’s debtholders have also enlisted Houlihan Lokey Inc. for advisory services as they navigate these challenging times.
You can read the full report on Bloomberg Law’s website here.