The breastaurant group was just acquired by two private equity firms
The Hooters team cooked up this new restaurant following a four-year period when the company closed seven percent of its locations across the country. A big part of the problem for the chain is that all of the details of the old restaurant — from the name to the design of the dining rooms to the server uniforms — feel dated now. “It’s a scenario where you have to rethink the whole thing,”recently told Vox.
For nearly three decades, Hooters was run by Atlanta businessman Robert H. Brooks and his children, but the family sold the business to a few investment groups in 2011, including Chanticleer Holdings LLC and H.I.G. Capital. As part of the new deal, those two companies will each retain a stake in the business, which now includes 430 restaurants in 27 countries.
Hooters is just one of many national restaurant groups that have been gobbled up by private equity firms lately. Over the last five years, similar deals have been struck for the sale of chains like
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