Hooters Restaurant Chain Taps Advisers to Address Debt as Revenue Falls [BNN Bloomberg (Canada)]
Houlihan Lokey, Inc. Class A (HLI)
Last houlihan lokey, inc. class a earnings: 2/3 04:15 pm
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Source: BNN Bloomberg
Hooters, famous for its chicken wings and skimpy server uniforms, is getting guidance from Accordion Partners and law firm Ropes & Gray on how to improve business and address its debt load as foot traffic slows and its liquidity dwindles, said the people, who asked not to be named discussing confidential matters. Some of Hooters' debtholders have tapped Houlihan Lokey Inc. for advice, the people said. Representatives for Hooters and Accordion Partners did not respond to requests for comment. Ropes & Gray didn't provide a comment, while a Houlihan representative declined to comment. Hooters' troubles come as many casual dining establishments have faced stress. Recently, TGI Friday's Inc.'s management had to turn over control of some assets to an outside manager, after breaching debt terms by failing to file documents to bondholders on time. Red Lobster filed for bankruptcy in May. Hooters, which was acquired by Nord Bay Capital and TriArtisan Capital Advisors in 2019 from a cons
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