Hooters of America and some of its creditors are considering a potential bankruptcy plan that would see control of the brand returned to former executives and the one-time parent of the chain, according to people with knowledge of the situation.

A form of Wall Street financial engineering that’s become popular with chain restaurants is about to get a serious stress test, as Hooters heads toward bankruptcy and TGI Friday’s remains mired in one.

Hooters, one of America’s long-standing restaurant chains, is preparing to file for bankruptcy. Bloomberg reports that the chain, which has been struggling for the past few years, has even hired a bankruptcy lawyer and is preparing to enter bankruptcy.

Hooters is looking at possibly filing for bankruptcy as a means of restructuring the restaurant chain and tackling its debt, Bloomberg reported Friday, citing unnamed sources.

Hooter's is facing impending bankruptcy from debt and declining foot traffic, and the future of the company is as of now quite uncertain.

On February 21, Bloomberg broke the news that Hooters of America has been in talks with its creditors to reorganize the business through a bankruptcy filing in the near future. According to that report, the company is working with law firm Ropes & Gray, which has represented other companies through bankruptcy proceedings .

The NBA star is pleading for Hooters not to go in wake of the news that the iconic restaurant chain may be heading for bankruptcy.

The nine Hooters locations in the tri-county region are separately owned and operated by franchisee Hooters of South Florida.

Phoenix Suns star combo guard Devin Booker is not happy with the recent Bloomberg report that Hooters may file for bankruptcy. Just a day after the report dropped, Booker finished playing in his game at the Chicago Bulls (where he recorded 29 points ...

(Bloomberg) -- Hooters of America and some of its creditors are considering a potential bankruptcy plan that would see control of the brand returned to former executives and the one-time parent of ...