Hooters is reportedly on the brink of filing for bankruptcy after facing significant financial challenges, including a $300 million debt from asset-backed bonds issued in 2021. The company, which is known for its attractive waitresses wearing short shorts and tight-fitting t-shirts, is collaborating with law firm Ropes & Gray to prepare for a potential Chapter 11 filing, which could begin as early as April 2025.
Hooters, which calls itself “the original American wing joint,” started in 1983 in Clearwater, Florida.
The internet reels over Hooters bankruptcy announcement
Beyond individual reactions, social media users and news outlets have proposed various theories regarding the factors contributing to Hooters’ financial troubles. A common theme with the rumors includes competition with rival chains such as Twin Peaks and the adult arcade Dave & Busters, which have been “steadily stealing” customers over the years, according to the New York Post.
Another theory circulating online points to shifting societal norms and changing consumer preferences. As cultural attitudes evolve, establishments that were once popular for their provocative themes may now be perceived as outdated or out of touch. This shift could have contributed to a decrease in customers, as modern consumers seek dining experiences that align more closely with contemporary values.
Reactions to the Hooters bankruptcy news
The news has caused a flurry of reactions across social media platforms, with everyday folks and celebrities alike expressing their concerns and theories about the chain’s decline. Phoenix Suns guard Devin Booker, a long-time customer of Hooters, took to social media following a recent game, pleading, “Plz don’t go Hooters.”
Similarly, influencer and former professional golfer Paige Spiranac declared, “Not on my watch,” in response to the bankruptcy reports.
X users remember the good ol’ days
Over on X, formerly known as Twitter, people are reminiscing about genuinely good experiences that they had at the restaurant or explaining that it was filing for bankruptcy because the company didn’t change its business model to keep up with modern times.
Redditors discuss Hooters clientele
Meanwhile, Redditor u/suzannea0024 asked in r/NoStupidQuestions who Hooters’s customers actually were.
They wrote, “Who The F*ck Is Keeping Hooters In Business. This is not a sh*t post. This a genuine question. I have been randomly polling friends/family members/coworkers/people drinking at the bar near me etc. for years now with the curiosity of if that person has been to Hooters. And in my 28 years of existence and several years of random polling anyone in my vicinity, I have encountered less than 20 individuals and likely less than 10 people who have actually been to that restaurant. I am baffled by this restaurants continued existence.”
“I would like it if you could comment below to report on your Hooters experience. Have you been? How often? What is it that you prefer about this establishment over other chains? And most importantly, Who the f*ck are you?”
Responses were wide and varied. One person joking, “Perhaps the reason that you cannot find people that go to Hooters is because those people are at Hooters, and you are not.”
Other Redditors commenting on the news of the bankruptcy said that it was likely due to being sold off to private equity firms. They suggest that according to The Guardian, “one in five private equity-owned companies go bankrupt within 10 years of acquisition – a rate 10 times higher than that of publicly owned companies.”
Bluesky blames the Hooters business model
And on Bluesky, the majority opinion is that if Hooters had pivoted to the popular cosplay of “Femboy Hooters” employees as a legitimate business model, they wouldn’t be having any financial problems now.
Hooters memes
Hooters memes also abound. Many are poking fun at the uniforms they make their employees wear and the clientele who frequent the restaurant chain.
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