Hooters of America filed for bankruptcy protection and plans to sell over 100 company-owned restaurants to an investor group that includes Hooters’ co-founders and franchisees.

Zoom in: The announcement blames private equity, not an antiquated concept, for the chain’s poor fortunes.

• “For many years now, the Hooters brand has been owned by private equity firms and other groups with no history or experience with the Hooters brand,” says Hooters Inc. CEO Neil Kiefer, whose group operates around one-third of the independent franchised stores.
• And he brings sauce-stained receipts, claiming that his group’s average restaurant revenue is more than double that of HOA-owned locations.

Catch up quick: Hooters of America backers at the time of bankruptcy include Nord Bay Capital and TriArtisan Capital Advisors, while prior PE owners have included H.I.G. Capital and KarpReilly.

Go deeper, via the NY Times: “Hooters, proud of its Buffalo chicken wings but famous for the low-cut tops and bright orange hot pants worn by its waitresses, has more than 400 locations across 42 states and 29 countries.”