(CNN) – Hooters has filed for Chapter 11 bankruptcy, but the bar-restaurant chain known for its female wait staff in orange shorts says the company isn’t planning to go anywhere.
Hooters plans to sell all of its 100 company-owned restaurants to two franchisee groups.
The company was founded in 1983 in Clearwater, Florida, but it has come under fire in recent years after several lawsuits were filed for racial and gender discrimination.
Last year, Hooters closed dozens of restaurants because of rising food and labor costs.
The Wall Street Journal reports the chain’s original founders plan to return as part of a new management team in its reorganization.
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