Hooters seeks $40M in financing as founders reach deal to take over

The Clearwater founders of the Hooters restaurant chain and another franchisee have agreed to buy more than 100 restaurants belonging to Hooters of America — a separate business that filed for bankruptcy this week.

The complicated deal also calls for Clearwater-based Hooters Inc., which is a part of HMC Hospitality, and Hoot Owl Restaurants, to take over the operations of restaurants operated by the main company and operate them as Hooters Brand Management.

The two franchisees currently own and operate more than 30% of the franchised Hooters locations in the U.S., including 14 of the 30 highest volume restaurants.