Hooters founders reclaim company after court approves bankruptcy exit

Core Insights - Original Hooters has reacquired Hooters of America after the company's bankruptcy reorganization plan was approved, taking ownership of 140 out of 198 U.S. locations [1][2] - The new ownership aims to upgrade stores, improve service and equipment, and streamline the menu while restoring the brand's original beach-themed vibe [2][3] Company Background - Hooters was founded in 1983 in Clearwater, Florida, and became known for its wings and Hooters girls, reaching a peak of over 400 restaurants in the U.S. [3] - The company was sold to an investor group in 2011 and again in 2019, leading to significant changes in ownership and management [3] Financial Challenges - Under previous ownership, Hooters faced severe financial difficulties, accumulating over $300 million in debt, exacerbated by the COVID-19 pandemic [4] - The company was involved in a $1.7 million lawsuit over unpaid sponsorship money by NASCAR's Hendrick Motorsports, highlighting ongoing financial struggles [6] Brand Image and Controversies - The company attempted to modernize its image while facing backlash over changes to the Hooters girls' uniforms, which were criticized for being too revealing [4][5] - Hooters celebrated its 40th anniversary by spotlighting women who have transitioned from serving to larger careers, indicating a shift in brand focus [5]