Hulk Hogan Increases Bid To Acquire All Hooters Restaurants

Hulk Hogan wants to use his Real American Beer brand to bring Hooters back to prominence.

Last month, TMZ reported that Hulk Hogan was attempting to acquire the branding for the Hooters restaurant chain. The acquisition would take place under Hogan’s Real American Brands, and his team sees it as a way to bring the Hooters brand back to relevance in the United States. Hooters filed for Chapter 11 bankruptcy in March, but Hogan and Real American wanted to relaunch the brand and gear towards attracting younger crowds.

Now, Business Insider is reporting that Hogan and his team have made a bid to acquire all of Hooters’ business, including all of the restaurant chains. Hooters’ business plan includes real estate, franchising, brand building, and social media marketing.

Real American CEO Terri Francis says they have assembled a “world-class team” that includes experience running restaurant chains. “Hulk Hogan and Real American Beer are fully committed to protecting and revitalizing the iconic American brand Hooters,” Francis told Business Insider.

Hulk Hogan’s bid does have some challenges to overcome

Hogan’s company is competing with another proposal led by Hooters Inc. That group includes CEO Neil Kiefer, one of Hooters’ original cofounders. In addition, Real American would also find another group to hold ownership of the Hooters’ physical locations. This is due to US laws preventing alcohol brands from owning restaurants. Finally, the parties overseeing the bankruptcy proceedings would need to approve the bid, which could see its terms change.

Another challenge to overcome is satisfying the debt with Hooters’ debt holders. That amount was $376 million at the time of the bankruptcy filing. Current terms show that Hooters of America would keep paying the bondholders what they’re owed. However, Real American’s bid assumes the bondholders would need to settle for less to stay in business, create new investment opportunities, and avoid another bankruptcy.

According to a source speaking with Business Insider, Hogan’s team wants to target diners, especially people in their 20s and 30s, who might not currently visit the iconic restaurant chain.

“Cheap beer and fattening wings aren’t the food or drink of the younger generation,” an unnamed source said. “Hulk can solve that.”