Hulk Hogan may just be saving Hooters.
The iconic restaurant filed for Chapter 11 bankruptcy back in March, but going out of business never appeared to be an option.
In a statement released at that time, Hooters announced it had signed a restructuring support agreement (RSA) with almost full backing from its major stakeholders. Filing for Chapter 11 bankruptcy allows companies to reorganize their obligations while remaining operational.
According to someone with knowledge of the matter, Hulk Hogan’s Real American Beer is considering making an all-cash offer for the Hooters intellectual property, as reported by FOX Business Digital.
This potential acquisition is an essential move for Real American Beer as it seeks to enhance its collection of established brands, aiming to create a lifestyle platform that is equally entertaining and patriotic.
Pending acquisition, the brand plans to relaunch Hooters across consumer products, digital content, gaming, and experiential formats, but re-energized for today’s generations.
Hooters was founded in Hogan’s hometown of Clearwater, Fla., and was one of the first accounts to carry Real American Beer after its launch.
Hooters has remained open despite the bankruptcy filing.
“Today’s announcement marks an important milestone in our efforts to reinforce Hooters’ financial foundation and continue delivering the guest-obsessed hospitality experience and delicious food our customers and communities have come to expect,” restaurant CEO Sal Melilli said at the time.
Hogan’s brand recently hit shelves in Walmart stores in eight states last year, less than one year after its founding.
It is the official beer of WWE, and it trails only Samuel Adams as the most-popular light beer.
Its name is an ode to Hogan’s entrance music, titled “Real American.”
FOX Business’ Andrea Margolis contributed to this report.
