Hooters, the sports bar chain known for its wings, among other things, has filed for bankruptcy protection under Chapter 11.

Under the terms filed in the United States Bankruptcy Court for the Northern District of Texas, Hooters’ 400 locations, across 42 states and 29 countries, will remain open. 

On a website dedicated to the proceedings, the company declared, “It’s always hang time at Hooters,” while noting that its locations will remain open during the bankruptcy proceedings. 

“Hooters is here to stay, and with a stronger financial foundation and streamlined operations on the other side of this process, we will be well-positioned to continue delivering the guest-obsessed hospitality experience and delicious food our valued customers and communities have come to expect well into the future,” the company elaborated.

Hooters will evaluate its operational footprint as part of the financial restructuring process, in which a group of franchise owners, including the company co-founders, will buy the company-owned restaurants from a private equity firm that owns the Atlanta-based restaurant chain.

Once the bankruptcy process is complete, all locations will be franchised-owned, which the company hopes to accomplish in 90 to 120 days. 

“I’ve seen firsthand the incredible value and opportunities our brand brings to life, and I look forward to continuing that momentum well into the future,” said Sal Melilli, CEO of Hooters of America. “I’m incredibly grateful to our valued customers, partners, and employees for their continued support.”