Hooters, the iconic restaurant chain known for its wings and casual sports-bar atmosphere, is on the verge of bankruptcy.
The company is working with legal advisors at Ropes & Gray and financial consultants from Accordion Partners to develop a restructuring plan.
With customer foot traffic declining and several locations shutting down, Hooters is struggling to stay afloat.
Adding to its financial woes, Hooters borrowed $300 million through asset-backed bonds in 2021. However, the past few years have been rough, leading to the closure of around 40 underperforming locations in 2024, including several in Texas.
Many attribute this decline to changing consumer preferences and increasing competition from rivals like Twin Peaks, which has been drawing away customers.
John Daly and Paige Spiranac react to Hooters’ struggles
The news of Hooters‘ financial troubles has sent shockwaves through its loyal fan base, including golf legend John Daly.
Daly, a long-time supporter of the brand, made his association official in 2022 by signing a multi-year sponsorship deal. As part of the agreement, Daly proudly sports Hooters-branded apparel and an orange golf bag on the PGA Tour Champions circuit.
His son, John Daly II, a rising golf star, was also set to feature in social media campaigns and make special appearances at Hooters locations. With the company’s uncertain future, the fate of this partnership now hangs in the balance.
Meanwhile, social media sensation and former pro golfer Paige Spiranac has also weighed in. Upon hearing about the potential bankruptcy, Spiranac took to the internet with a defiant message.
“Not on my watch,” Spiranac posted on Twitter.
Fans immediately rallied behind her, suggesting that she should step in to promote Hooters and help turn things around.
Given her massive online following of over 4 million and her proven marketing influence, some believe Spiranac could be the key to revitalizing the brand.
As the company navigates its financial crisis, all eyes are on Hooters to see if its restructuring plan will work-or if a bold new approach, possibly with Spiranac at the forefront, could be the lifeline it desperately needs.
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