Wednesday, February 17, 2010
News Sagging Hooters' Huge Assets Up for Grabs
Posted by Nicki Wood on Wed, Feb 17, 2010 at 8:31 AM
The player that can see the $250 million asking price and raise it above the private investment firm that's got first right of refusal, well that lucky playah could be the next to cradle the Hooters empire in his hands. And by "his" I mean "his."
The "breast-aurant," founded in 1983, is courting buyers, as reported by the New York Post.
Despite 450 locations worldwide that did about $1 billion 2008, the chain, known for hot wings and top-heavy babes, sales have sagged in the soft dining-out sector.
Speculation is that ill-advised brand extensions such as Hooters Air and the Hooters Hotel and Casino in Las Vegas milked the capital from the Atlanta-based business. Hooters Air collapsed in 2006 and Hooters Hotel is in default on $144 million in long-term debt.
The Post points out that the good news is that the sale indicates the restaurant market may have found its bottom.
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