Hooters

In 2008, Fursa Strategic Alternatives, an asset management firm run by Massapequa resident William F. Harley III, informed investors that it would be closing its doors and returning everyone’s money. As some money managers can likely attest though, making the decision to close up shop (and writing people to say as much), doesn’t mean you’re emotionally ready to do so. Harley, for example, couldn’t shake the feeling that he was put on this earth to be an investor and, god damn it, he was going to invest until the day he died. So he did what any rational human being in his position would, and decided to just, you know, hang on to his clients’ money for a while. Of course, the pesky little varmints kept calling, so he had to disconnect the phones and to avoid an awkward confrontation wherein they appeared at the firm’s building demanding their cash in person, he moved HQ into the basement of one of his other businesses, a Hooters restaurant. That got people off his tail for a while but, unfortunately, they popped up again and this time are taking legal action. Read more »

Walk into almost any Hooters and it’s easy to see why some women might be creeped out. Wall-to-wall dark wood. Posters of bikinied Hooters girls. Titillated guys downing pitchers of beer and making cracks like: “They have great wings.” When Chief Executive Officer Terry Marks was hired last year to make over the chain, he found women also were steering clear because the menu was stale, the restaurants were dated and the food was overpriced. Marks wants to remove the Hooters stigma so men aren’t embarrassed to put the chain on an expense account and women aren’t as quick to veto a meal there…Marks insists Hooters will be every bit as sexy as always and that the iconic uniforms are there to stay. Instead, he’s freshening up the menu, creating a night scene and bringing more light into the restaurants to make it clear there is nothing to be ashamed of. [Bloomberg]

They’re cautiously optimistic. Read more »

Gang, something serious happened. One of our favorite hedge fund managers is in trouble and needs help. Phil Falcone has been put in a horrible position, that I hope no one else ever finds him/herself. It’s a pretty well-known fact that the Harbinger founder is a huge hockey fan. The Minnesotan grew up skating, played as an undergrad at Harvard and pro in Europe for a year before being sidelined with a leg injury. He’s owned a forty percent stake in the Minnesota Wild for some time and recently acquired the Dubuque Fighting Saints. Falcone’s love of ice never posed an issue on the work at his hedge fund– until now. And it’s bad. Here’s the rub: Read more »

Picture 126.pngGreat news for those of you who love delicious wings served in tank-tops: Hooters is on the block. The restaurant needs cash, ASAP, and analysts are guesstimating it could probably be yours for about $250 million. There may be a few issues for you to deal with upon acquiring the place, namely getting rid of this guy (though hopefully not food eating contests on a voluntary basis in general, as there’s no need to punish everyone):

If an upcoming episode of the CBS reality show “Undercover Boss” is any indication, there may be management issues, too. In an episode slated to run Sunday, CEO Coby Brooks discovers a restaurant supervisor staging an eating contest for female employees, forcing them to bury their faces in platefuls of food without using their hands.

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