Hooters is reportedly on the brink of bankruptcy, joining the ranks of other struggling restaurant chains. Recent reports indicate:

• Ongoing discussions with creditors for restructuring.
• Approximately 40 locations closed last year.
• Debt of $300 million in asset-backed bonds.
• Engagement of a law firm to assist in the bankruptcy filing process.

With declining foot traffic and fierce competition, Hooters is in a precarious position. Read on for the full story.