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Published: Wednesday, 3/12/2008

Investor group buys Hooters Inc. chain

Chanticleer Holdings Inc., an investor in small companies, has agreed to buy Hooters Inc., Hooters Management Corp. and their related restaurants for about $55.1 million.

The transaction between Chanticleer and nine individual Hooters shareholders is expected to close on or before July 31, Charlotte, North Carolina-based Chanticleer said today in a release.

There are 433 restaurants in 28 countries, according to the statement. Hooters Inc., which sold its trademarks and other proprietary rights to Hooters of America Inc. in 2001, owns 22 restaurants, which Chanticleer will acquire.

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