By Jake Spring
A Charlotte private equity firm appears set to win a battle to buy the Hooters restaurant chain, known for its provocatively dressed waitresses, according to court documents.
Chanticleer Holdings LLC will succeed in its last-minute bid to buy Hooters of America Inc., beating out competitor Wellspring Capital Management LLC, a company that spent nearly a year going through a formal bidding process. In 2006, Hooters granted Chanticleer a “right of first refusal” for a sale in exchange for a $5million loan.
The sales agreement, including the amount Chanticleer will pay for Hooters, has been sealed by the courts.
Wilmington has one Hooters location on Market Street at New Centre Drive.
CLICK HERE TO READ THE REST OF THIS STORY: http://www.charlotteobserver.com/2011/01/20/1993322/charlotte-firm-set-to-buy-hooters.html#ixzz1Bc0o3DPj