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Hooters of America Inc., the restaurant chain best known for its tank top-clad waitresses and spicy chicken wings, settled a lawsuit challenging the company’s sale to a buyout firm, a lawyer said.
Hooters managers, the family of Robert “Bob” Brooks, the chain’s former chief executive officer, and officials of private-equity firms Chanticleer Investors LLC and Wellspring Capital Management LLC agreed to resolve the Delaware Chancery Court case over the chain’s sale to Chanticleer, Lewis R. Clayton, a New York-based lawyer for Wellspring, said in a May 6 interview.
“The settlement is confidential and the parties have agreed to dismiss all claims,” Clayton added.
Brooks’s family sold its interests in the 455-restaurant chain to a group of investors led by Chanticleer earlier this year for an undisclosed amount. The sale resolved a dispute over the executive’s estate, according to court filings. Brooks, known as Hooters’ “Worldwide Wing Commander,” died in 2006.