'Hooters Restaurants Closing Locations Due to Economic Challenges'

Money | June 24, 2024, 8:13 p.m.

Hooters has announced the permanent closure of multiple "underperforming" restaurants due to market pressures, prioritizing staff well-being. While the specific locations and timeline were not disclosed, reporters confirmed closures in several states. Despite this, Hooters remains resilient, looking to serve customers globally. The chain, with 293 locations by the end of 2023, is still expanding domestically and internationally, introducing frozen products in grocery stores. This news follows closures by other chains, like Red Lobster and Rubio's Coastal Grill, facing financial challenges. Red Lobster failed to renegotiate leases, resulting in closures across 28 states, with equipment auctioned off for additional closures. Meanwhile, Rubio's closed 48 locations in California. These closures reflect a larger trend in the industry, with a decrease in chain restaurants locations by 33% by the end of 2023.