Hooters owner files for bankruptcy ( 'just standard stuff')

[underpants]

Source: Richmond Biz Sense

Cornett Hospitality LLC, headquartered on Staples Mill Road, made its filing Wednesday, listing 287 creditors and liabilities of between $1 million and $10 million. It lists assets of the same range.

The company owns nine Hooters restaurants and three Topeka’s locations in Virginia, West Virginia and Pennsylvania. It previously owned two Max & Erma’s locations in Richmond but closed them after falling behind on rent and after the chain filed bankruptcy in 2010.

“It’s just wrapping up some of the old baggage from Max and Erma’s,” Cornett said. “It’s just a standard reorganization, just standard stuff.”

Read more: http://www.richmondbizsense.com/2012/11/26/hooters-owner-files-for-bankruptcy/

[slackmaster]

1. Tilted Kilt is killing them

[CincyDem]

2. It's got to be the bagpipes and haggis that wins 'em over, eh?

[Jackpine Radical]

3. The real boobs around there

are the owners.

[underpants]

5. He owns nine Hooters

which is hard to get your head around

[Jackpine Radical]

11. Or among, for that matter.

That fact raises more questions than it answers.

BTW, what did you ever do with those animated undies?

I hope they didn't end up in a bunch.

[Scootaloo]

15. There must be a franchise on Mars.

[JustABozoOnThisBus]

24. +3

There is an announcement expected in December from the Mars Curiosity mission.

[Fozzledick]

25. I've just got to stick this here...

[Lint Head]

4. Oh no not Hooters! Now we need the Tea Baggers to protest.

[Panasonic]

6. They shut down the local Hooter's near me.

Sold off the land and it's one big empty parcel (Ultimate Electronics was right next door, and it's also out of business).

I haven't been to Hooters in 17 years, nor do I care for it.

[Suji to Seoul]

23. Hooters was fun when I was 18 and stupid. They have a simple policy

Big boobs trumps food quality. Hooters sucks.

[Atypical Liberal]

36. When I was younger it was...titilating...

When I was a lot younger and single I used to enjoy going to Hooters when the girls wore cut-off t-shirts.

Then they switched to gym clothes and the appeal was lost. You can see more skin walking through the mall.

[TrogL]

46. I was there awhile ago and the food was pretty good

The waitresses are all University girls so you could actually have a coherent conversation with them.

[nashville_brook]

7. so uh...i guess they went bust

[Jackpine Radical]

12. Tits up

(so to speak).

[Coyotl]

14. He's really strapped.

[mac56]

33. Business started to droop.

[Coyotl]

35. It was inevitable

[rocktivity]

8. Lots of these restaurants are hanging by a thread (if you'll pardon the expression)

I miss having enough extra money to eat out, even if it's only two or three times a month, and apparently I'm not alone. I can imagine how much harder it is if you've got kids to take along.


rocktivity

[Panasonic]

10. The funny thing is we did go to a chain restaurant last night - driving nearly 30 miles to do that.

My wife wanted to go to Buca di Beppo - a family style Italian chain restaurant. It was way overpriced, and the food wasn't very good - I ordered fettuccine Alfredo and they gave me a huge bowl full of noodles and a dubious cream they called "Alfredo" - it was terrible.

Previously, Buca had 3 restaurant located here in Colorado, but it's down to just one.

Now the wife wants to go back in New York (they just opened up a location in Manhattan) with her brother and eat there again.

I mean, come on, there's tons of _REAL_ family style Italian restaurant in New York, just have to pick the right one.

We're still looking for a real good Italian restaurant that serves decent eggplant parmigiana (wife's favorite) around here in Denver.

We used to go to Nonna's but the food quality went downhill pretty fast (and it was local too)

[leftynyc]

37. Just tell me what part

of Manhattan you want to eat in and I'll make sure you get the best Italian food in that area. No reason to eat in chains while in NYC.

[Panasonic]

38. Any part. Lower Manhattan is fine up to Times Square.

We'll be coming in from Brooklyn.

Can't wait to come to New York next week!

In-law's house is fine - it's inland from the sea.

[NoGOPZone]

9. I guess people aren't willing to pay a lot for bad wings anymore nt

[underpants]

18. hey hey hey

let's keep it clean in here...m'kay?

[DaveJ]

13. Hopefully people are gravitating to local restaurants

I have no happy memories of eating at any big chain. I can't stand how every town across the country looks exactly the same.

Local establishments are great, OTOH.

[KansDem]

31. "I can't stand how every town across the country looks exactly the same."

Last summer I drove I-40 from Barstow (CA) to Tucumcari (NM). It seemed like every one of the those blue highway signs listing places to eat when you approached a city had the same establishments:



Also, the same gas stations and the same motels.

It was like the only thing different from city to city was the name of the city itself.

[Ikonoklast]

16. Ate there one time. Over-priced, shitty food.

Cheap lousy domestic beer.

Waitress dumb as a fence post.


Glad I wasn't paying for it.

[msongs]

17. cheating your creditors. standard american business ethics nt

[Botany]

19. I went to a Hooters once on a New Year's Eve 2010 .....

... really bad food*, over priced beer, and a cheesy bit of the
waitress writing down her name on a napkin like she wanted
to give me her # ...... my then 16 year old son thought the
place was a joke and that the "girls" who were working there
saw us as small time and they went to work on a table of men
that were drinking.

I feel bad for the employees but if the whole chain went belly up
I wouldn't care.

* The worst chicken wings ever ..... cold, greasy, and tough.

[grahamhgreen]

20. I thought they were too big to fail......

[Ken Burch]

27. no, no, no..."theirs" were too big to fail.

(And no, I will NOT post an illustration of that).

[Disconnect]

21. Bankruptcys are stealing from all of us!!!

We should really look at a bankruptcy as not as a failed business but as a business plan. Hostess comes to mind, they didn't want to sell bakery goods, they wanted to cash out!! Bankruptcys are thievery plain and simple, by the 1% to steal from the 99%.

[surrealAmerican]

22. Welcome to DU.

Yes, when the owner is saying “It’s just a standard reorganization,” about bankruptcy, there's something very wrong with this picture.

[closeupready]

32. Not if the business is insolvent.

I do believe businesses and individuals do need to have a second chance to make a fresh start, if necessary.

If becoming insolvent were a crime, Abraham Lincoln would have never become president, Henry Ford would have gone to jail, among countless others who availed themselves of the federal bankruptcy code.

[ronnie624]

40. The owner owes millions on expensive homes and back taxes.

He was clearly living the high life at the expense of his business and tax obligations. I don't think he is especially deserving of a second chance.

[closeupready]

41. And if you are the bankruptcy judge presiding over this case,

that opinion will substantively matter more than mine.

[ronnie624]

42. But my opinion is right.

Yours is just silly.

The owner doesn't "need" to have a second chance. He "needs" to be responsible for his business obligations and paying his taxes, instead of buying multi-million dollar homes and living high-on-the-hog. No one "needs" or deserves to be a wealthy business owner. The only thing anyone really deserves, as a member of modern human civilization, is to have their basic needs met.

You shouldn't dismiss another poster's opinion, out of hand, like that. It's rather rude. It doesn't make me feel particularly charitable.

[closeupready]

43. I disagree. I don't think you are right.

I think some of what you think is right, but some isn't right.

I apologize if you were offended by my post, but you dismissed my own opinion, in turn, so two wrongs don't make a right, but you did it, too.

Setting that stuff aside, the federal bankruptcy code is federal law, not a matter of closeupready's opinion or ronnie's opinion as to whether or not Hooters "deserves" to reorganize, and start over.

The law, as affirmed by lawmakers, sets out guidelines as to who may avail themselves of Chapter 11. If Hooters is ineligible, so be it. If eligible, there may be clawbacks which apply, maybe not. It's not done on an ad hoc basis; there are rules to be followed.

[ronnie624]

44. I didn't dismiss your opinion, I disagreed with it.

Your opinion was that the business owner "needs" a second chance, and it was no less of a value judgment than my own opinion. It has no more to do with bankruptcy law than my opinion does. Federal code has nothing to do with weather or nor not a greedy, crappy business owner needs or deserves a second chance. That's what I was addressing; the moral implications, which was broached by you, not me.

[Ken Burch]

26. couldn't keep abreast of the business, could they?

[mac56]

34. Sales began to sag.

[fightthegoodfightnow]

28. THE BEST THING ABOUT THIS-Henrico County, VA Went Blue

...making Romney bankrupt.

Time for Hooters to call their bankruptcy man.

[bluedigger]

29. Sounds like they were a little shorts.

[thelordofhell]

30. So a guy who owns 9 Hooters restaurants is representative of the whole chain

C'mon now people..........there's more than 9 of these things out there

[pstokely]

39. They aren't blaming Obamacare?

nt

[Supersedeas]

45. bilking creditors, when you are a large corporation....just standard stuff

not so standard when real people come before the bankruptcy judge