Hooters Las Vegas bid to stay in business and reorganize after filing for bankruptcy has just taken a serious blow from one of their creditors. Canpartners Realty Holding is basically claiming that Hooters is wasting everyone’s time trying to reorganize a business that is dead in the water.
As VegasInc reports, Canpartners is stepping up efforts to foreclose on the bankrupt property and has requested a motion asking that Hooters be required to immediately set aside $2 million to pay the bankruptcy claims of some 300 trade creditors including small businesses and individuals.
Canpartners is taking a shot at the Hooters casino brand, claiming it has largely failed in Las Vegas. It’s hard to argue with that, but they don’t have to kick the big boobed bimbo when she’s on her knees.
Hooters blames the global recession, but truth be told, the business model isn’t exactly a front runner in Vegas.
If the motion is approved, Canpartners said it plans to seek dismissal of the Hooters’ bankruptcy case and/or seek permission to foreclose on the property.
Attorneys for Hooters are expected respond to the filing by Canpartners and again argue Hooters should have the right to spend money seeking investors. It’s not looking good, Hooters recently filed a financial report showing it lost about $40,000 in August on net revenue of $3.6 million.
