Additional Coverage:
- Hulk Hogan wants to reimagine Hooters restaurants as his Real American Beer brand makes a new bid to save the chain (businessinsider.com)
Hulk Hogan’s Real American Beer Makes Play for Entire Hooters Chain
Wrestling legend Hulk Hogan’s beer brand, Real American, is looking to buy the entire Hooters restaurant chain, including its restaurants. This comes after Hooters of America declared bankruptcy in March. Real American had previously expressed interest in acquiring just the Hooters brand name.
Real American CEO Terri Francis confirmed the bid, stating, “Hulk Hogan and Real American Beer are fully committed to protecting and revitalizing the iconic American brand Hooters.” She added that they’ve assembled a team with extensive restaurant experience to handle aspects of the business from real estate and franchising to brand building and social media.
The bid faces competition from a group led by one of Hooters’ original co-founders, Neil Kiefer, CEO of Hooters Inc., which oversees some franchised locations. If Real American’s bid is successful, the company plans to expand the Hooters brand, including through new merchandise and by attracting a younger demographic. A source close to the bid suggested that Hooters needs to move beyond “cheap beer and fattening wings” to appeal to the next generation of diners, believing Hogan is the key to achieving this.
Significant hurdles remain, including navigating US liquor laws that prevent alcohol brands from owning restaurants. Real American would need to find a separate entity to own the Hooters locations.
Another challenge is the chain’s considerable debt. Real American’s strategy reportedly hinges on Hooters’ debt holders accepting less than what they are owed to facilitate future investment and avoid another bankruptcy.
This puts them at odds with Kiefer’s bid, which reportedly intends to honor the current debt obligations.
Hooters, founded in 1983 in Clearwater, Florida (also Hogan’s birthplace and home), has struggled in recent years, closing numerous locations due to declining sales. Real American hopes to reverse this trend, with Francis emphasizing their goal is not “preserving nostalgia” but “unlocking Hooters’ next era of growth.”