Post-bankruptcy, the plan moves the system to fully franchisee-owned.
Unrated. Fewer than three of the five scoring components have been published for this brand. CSW does not fill that gap with an estimate.
Hooters matters to this database for one reason: it is the clearest source of large-format second-generation restaurant real estate in the wing category. A Chapter 11 filed with $376M of debt, roughly 30 closures in a single day in June 2025, and all 151 company restaurants sold to franchisee groups — the operating brand survives, but a meaningful volume of pad-site casual dining came back to the market. Those boxes rarely re-tenant as chicken. They re-tenant as something bigger.
Cap rate
Distressed / vacant casual-dining pricing — value is in the land and the box, not the lease
Hooters closures produce the largest boxes in the chicken universe: 4,500–6,500 SF casual-dining restaurants on generous pads with parking. They are poor conversions for a 2,200 SF QSR prototype and excellent conversions for larger fast-casual, entertainment or multi-tenant redevelopment.
| Date | Type | Detail |
|---|---|---|
| 2025-06-04 | Closure | FL, GA, MI, NC, SC, TN, TX (30) — Roughly 30 restaurants closed on one day during Chapter 11 restructuring.1 |
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What it means for the Chicken Wars: Filed with $376M of debt, closed roughly 30 restaurants in a single day, and emerged as a fully franchisee-owned system. The operating brand survives; what hit the market was a batch of 4,500–6,500 SF casual-dining pads that will not re-tenant as chicken. They re-tenant as something bigger.
Every figure on this page is attributed. CSW does not publish estimates as facts — where a number is unavailable it is shown as “—”, and where a figure is derived arithmetically from two published figures it is marked as derived.