Credit rating agency reports (e.g., Moody's, S&P)

Hooters Seeks Debt Advice Amid $300M Debt Load, Revenue Declines and Closures

Sep 25, 2024, 06:12 PM

Hooters restaurant chain is seeking debt advice as it faces significant financial challenges. The company is consulting with Accordion Partners and Ropes & Gray to address a $300 million debt load amid declining revenues and slowing foot traffic. These financial difficulties have led Hooters to close several underperforming locations. The chain is working closely with lenders and advisers to navigate these challenges. The situation has been reported by BBG, and there are concerns about the debt being downgraded.