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Could Paige Spiranac save Hooters from bankruptcy?

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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.

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