- Hulk Hogan’s Actual American Beer was bidding to purchase Hooters earlier than his dying. It’s now unclear if that provide will proceed. Hogan died Thursday, reportedly of cardiac arrest.
The dying of Hulk Hogan (actual title Terry Bollea) Thursday marked the tip of an period within the wrestling world, nevertheless it may put the way forward for a nationwide restaurant chain in danger as effectively.
Bollea’s Actual American Beer model had launched a bid to accumulate Hooters simply final month. After initially bidding just for the corporate’s mental property, it expanded that bid to accumulate all of Hooters of America, together with the over 400 areas internationally.
Hooters filed for chapter in June, abruptly closing dozens of areas. Administration on the time stated the corporate wasn’t “going wherever” and that “by optimizing our enterprise in assist of our long-term targets, Hooters might be well-positioned to proceed our iconic legacy below a pure franchise enterprise mannequin.”
That didn’t cease bidders from rising. Actual American Beer discovered itself in competitors with a proposal led by Hooters Inc., which oversees some franchised Hooters areas. The corporate’s cofounder was part of that group.
“Actual American’s bid is totally different,” the corporate stated on the time of its bid. “It’s about rebuilding Hooters from the bottom up, with a recent operational mannequin, new income streams (merchandise, partnerships, experience-first areas), and a cultural technique designed to reengage diners of their 20s and 30s. This isn’t about preserving nostalgia. It’s about unlocking Hooters’ subsequent chapter, with actual funding, actual management, and an actual plan to win.”
Nice American Beer didn’t reply to Fortune‘s request for remark concerning the state of the acquisition provide following Hogan’s dying.
If the bid is accepted, Nice American Beer would wish to launch a separate entity to personal Hooters, since liquor legal guidelines within the U.S. prohibit alcohol manufacturers from proudly owning eating places.
Hooters and Hogan’s beer have a historical past, nonetheless. The chain was one of many first to comply with serve the lager final June.
