Hooters abruptly shut down around 40 locations across the US due to poor financial performance. The closures are part of Hooters' 12% decline in total restaurant numbers since 2018, from over 300 locations to around 290. High inflation and changing consumer spending habits have negatively impacted many restaurant chains. Hooters cited "current market conditions" as the reason for shuttering underperforming stores. Despite location closures, Hooters remains optimistic about expansion through new restaurant openings domestically and abroad. Hooters frozen food products are also launching in grocery stores to diversify sales channels.
Category
🗞
NewsTranscript
00:00It's Benzinga and here's what's on the block.
00:03Hooters abruptly shut down around 40 locations across the US due to poor financial performance.
00:08The closures are part of Hooters 12% decline in total restaurant numbers since 2018 from
00:14over 300 locations to around 290 currently.
00:18High inflation and changing consumer spending habits have negatively impacted many restaurant
00:22chains.
00:23Hooters cited current market conditions as the reason for shuttering underperforming
00:27stores.
00:28Despite location closures, Hooters remains optimistic about expansion through new restaurant
00:33openings domestically and abroad.
00:35Hooters frozen food products are also launching in grocery stores to diversify sales channels.
00:39For all things money, visit Benzinga.com.