Feb 11, (PRINTWORDS NEWS)-
If the latest reports are to be believed, the popular restaurant chain Hooters may get sold to a prospective buyer shortly. The restaurant chain is known for the scantily clad workers and wings. It is based in Atlanta. The reports indicate that Las Vegas’s Hooters Casino and Hotel could be the reason behind this development. The company is not in a good shape financially which is obvious. Otherwise it would not have to look for a prospective buyer. The chain has been making losses for some time, as per the latest reports.
However, its popularity may get the chain a higher price, as many are speculating. The restaurant ran into a bad phase after the recession. It has also been reported that the management of Hooters hired a San Francisco-based investment bank, North Point Advisors, to help it in locating a good buyer. The brand has nearly 450 franchised and company owned restaurants to its credit. It is being assumed that the chain may get a price of $250 million despite its bad financial condition.
The Hooters is reeling under severe momentary crisis due to the wrong decisions taken by the owners. It tried to get into some ventures that failed pathetically including a failed airline deal. It is not yet known which companies have shown interest in acquiring Hooters. However, Private equity shops could be among the interested buyers of Hooters. The actual sale price may not be declared as Hooters is a privately owned entity. It remains to be seen if its fortune changes for the better after the sale.
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