Hooters Sale Complete

Owners since 1984, the Brooks family has sold its ownership of Hooters.

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Hooters of America, Inc. (HOA) completed a transfer of ownership of the company from the estate of Robert H. Brooks to a consortium of private investors, including Chanticleer Holdings, Inc. (OTC Bulletin Board: CCLR). In addition, the investor group has purchased Texas Wings Inc., the largest Hooters franchisee, according to a company release.

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Brooks, who passed in 2006, acquired Hooters in 1984. Today Hooters has 452 restaurants in 44 states and 29 countries. As a result of the two purchases, the new operating company will own 161 locations across 16 states, which equates to roughly half of the Hooters locations in the U.S., according to a release.

In addition to owning a portion of the parent company, Chanticleer is a Hooters franchisee in South Africa.

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