finance

Financing

Hooters is reportedly preparing a bankruptcy filing

The casual-dining chain has hired a law firm to prepare a filing, Bloomberg reported. The chain has been struggling for years.

Workforce

Outback Steakhouse parent Bloomin' Brands lays off 100 employees

About 17% of Bloomin's headquarters staff were affected. The company cited industry headwinds and a need to realign after refranchising its operations in Brazil.

The former COO of franchisee DMD Ventures accused the company’s co-founders of using corporate funds to pay for lavish lifestyles. They vehemently denied the allegations and leveled some of their own.

The 2020 Ferrari F8 Tributo was bought by franchise owner Ryan Usrey in the company name. He stopped making payments last year, indicating financial trouble.

A look back at the week’s biggest news in the restaurant industry from Restaurant Business.

Shares in the sports-bar chain opened at $17.45 on the Nasdaq on Thursday. Proceeds will be used to pay down debt and fuel expansion.

Calling the move illegal, 23 states and non-profit groups filed lawsuits and a federal judge temporarily halted the freeze from taking effect. Funding to small businesses, however, will not be impacted.

Brian Niccol’s pay package totaled $95.8 million, mostly in stock awards. But the company also paid $21.5 million to former CEO Laxman Narasimhan.

The Bottom Line: The closure of 79 Wahlburgers locations inside Hy-Vee supermarkets shows that just because you can open a bunch of restaurants in a short period doesn’t mean you should.

A Deeper Dive: Sean Thompson of Freddy’s Frozen Custard joins the podcast to talk about truths and fictions when it comes to expanding a franchise restaurant chain.

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