Hooters Inc. and Hoot Owl Restaurants LLC Continue to Make Progress with Historic Transaction with Hooters of America

Clearwater, FL (RestaurantNews.com) – Following the recent news of Hooters of America store closures, Hooters Inc. and Hoot Owl Restaurants LLC (the “Buyer Group”) have confirmed that the planned restructuring transactions to acquire over 100 HOA-owned restaurants are still in progress. Both parties expected these closures to happen before finalizing the transaction. It is anticipated that around 200 domestic Hooters restaurants and 60 international locations will remain operational, totaling approximately $700 million in systemwide sales by the expected closing in August 2025. The Buyer Group plans to run about 130 Hooters restaurants, representing roughly 65% of domestic locations post-transaction.

The Buyer Group consists of current Hooters franchisees, including the original founders, who collectively own and manage over 30% of domestic franchised Hooters outlets. These experienced operators oversee 14 of the top 30 highest volume Hooters restaurants, with revenue in 2024 exceeding that of the HOA-owned restaurants. The transfer of more than 100 Company-owned restaurants to operators with decades of Hooters experience aims to simplify HOA’s business and ensure the success of these establishments. All existing Hooters franchise locations will continue to be managed by the Company’s franchise and license partners.

In April, the parties agreed on terms to acquire the HOA-owned restaurants and a management agreement through which Hooters Brand Management, LLC (“HBM”) will provide most franchise support functions for HOA. Final documentation for the bankruptcy court is being prepared.

HBM has also negotiated a management agreement with HOA to take on various franchise support duties, including oversight of the national ad fund and franchise development. After the transactions, the Buyer Group plans to uphold Hooters’ original principles, recipes, and uniforms, investing resources to enhance restaurant standards.

Neil Kiefer, CEO of Hooters Inc. on behalf of the Buyer Group, expressed confidence in finalizing the acquisition this summer, emphasizing the commitment to support the remaining domestic Hooters locations. The Buyer Group looks forward to integrating the acquired restaurant staff into the Hooters Inc. and Attila Wings organizations.

The Buyer Group is being represented by North Point Mergers & Acquisitions, with legal counsel provided by Morrison & Foerster LLP.

About Hooters Inc.
Hooters Inc., creators of the Hooters concept, operate 22 Hooters Restaurants in Tampa Bay and Chicagoland, along with two Hoots locations in Chicagoland. Known for their World Famous Chicken Wings and iconic Hooters Girls, the Original Hooters group has delivered fun dining experiences for over 40 years. For more information, visit OriginalHooters.com or follow on social media platforms.