A buyer group comprised of two existing Hooters franchisees has agreed to acquire and operate certain Company-owned Hooters locations, the company said in a press release. At the end of the Chapter 11 process, all Hooters locations will be franchisee-owned, the company also said.

The restaurant industry remains in a state of constant uncertainty, and Hooters of America is the latest brand to find itself under scrutiny. According to CNN, the fast-casual restaurant filed for Chapter 11 bankruptcy in a Texas court,

It's the latest restaurant chain to undergo restructuring, which will see it move from mostly company-owned to franchisee-owned locations.