The death of Hulk Hogan (real name Terry Bollea) Thursday marked the end of an era in the wrestling world, but it could put the future of a national restaurant chain at risk as well.
Bollea’s Real American Beer brand had launched a bid to acquire Hooters just last month. After initially bidding only for the company’s intellectual property, it expanded that bid to acquire all of Hooters of America, including the over 400 locations across the world.
Hooters filed for bankruptcy in June, abruptly closing dozens of locations. Management at the time said the company wasn’t “going anywhere” and that “by optimizing our business in support of our long-term goals, Hooters will be well-positioned to continue our iconic legacy under a pure franchise business model.”
That didn’t stop bidders from emerging. Real American Beer found itself in competition with a proposal led by Hooters Inc., which oversees some franchised Hooters locations. The company’s cofounder was a part of that group.
“Real American’s bid is different,” the company said at the time of its bid. “It’s about rebuilding Hooters from the ground up, with a fresh operational model, new revenue streams (merchandise, partnerships, experience-first locations), and a cultural strategy designed to reengage diners in their 20s and 30s. This isn’t about preserving nostalgia. It’s about unlocking Hooters’ next chapter, with real investment, real leadership, and a real plan to win.”
Terri Francis, CEO of Real American, told Fortune the company plans to continue pursuing Hooters.
“Hulk was a passionate entrepreneur who believed in the power of American-made brands and products, and the power of bringing communities across America together,” Francis said. “Real American Beer will carry forward his vision and mission with the same passion and purpose — and that includes his desire to bring Hooters into the Real American family.”
If the bid is approved, Real American Beer would need to launch a separate entity to own Hooters, since liquor laws in the U.S. prohibit alcohol brands from owning restaurants.
Hooters and Hogan’s beer have a history, however. The chain was one of the first to agree to serve the lager last June.
This story was originally featured on Fortune.com
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