Consumer
Hooters Restaurant Chain Taps Advisers to Address Debt as Revenue Falls
- Recent closures targeted ‘underperforming’ locations
- Talks address $300 million in debt backed by revenue, assets
A Hooters restaurant in Las Vegas, Nevada.
Photographer: Ethan Miller/Getty ImagesThis article is for subscribers only.
Hooters of America is huddling with lenders and advisers amid revenue declines that pushed the restaurant chain to shutter several of its locations, according to people with knowledge of the talks.
Hooters, famous for its chicken wings and skimpy server uniforms, is getting guidance from Accordion Partners and law firm Ropes & Gray on how to improve business and address its debt load as foot traffic slows and its liquidity dwindles, said the people, who asked not to be named discussing confidential matters.