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Hooters’ Potential Bankruptcy: The Impact on NASCAR and Tony Stewart’s Household

Carl Harrison by Carl Harrison
February 27, 2025
in Motorsports
Reading Time: 2 mins read
0

TEXAS MOTOR SPEEDWAY, UNITED STATES OF AMERICA - APRIL 13: #9: Chase Elliott, Hendrick Motorsports, Hooters Chevrolet Camaro during the NASCAR Cup Series event at Texas Motor Speedway on Saturday April 13, 2024 in Forth Worth, United States of America. (Photo by LAT Images)

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The motorsports world was sent into a tailspin when Hooters, the iconic restaurant chain, announced their withdrawal as the primary sponsor of Chase Elliott, the celebrated racer with a stellar career marked by 19 Cup Series victories and the Most Popular Driver status. This news was a blow not just for Elliott, who often sported NAPA Auto Parts colors, but also for a multitude of fans, including a significant motorsports figure – Leah Pruett, three-time Cup Series champion Tony Stewart’s wife and an NHRA champion herself.

Hooters, a brand synonymous with America’s fast-food culture, was born in 1983 out of six Florida-based businessmen’s desire for a local spot to enjoy Buffalo chicken wings. Over the past four decades, Hooters has enjoyed a cult following among chicken aficionados, including Leah Pruett. The news of Hooters’ possible bankruptcy hit Pruett particularly hard, her reaction to the situation captured in an Instagram story featuring South Park’s Eric Cartman bellowing, “Noooo.”

The warning signs for Hooters were evident, following their sale of $300 million in asset-backed bonds in 2021. These bonds, repackaged as whole-business securitizations, served as collateral. Additionally, reports in July of the previous year suggested that Hooters was shutting down multiple locations across the nation, while their dollar wings’ pricing was increasingly less competitive compared to rivals.

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Hooters’ association with Chase Elliott dates back to 2017, during which they enthusiastically supported his multiple Cup Series victories, including the 2020 NASCAR Cup Series championship. Initially, Hooters was set to be the primary car sponsor for three races in 2024, with Elliott sporting their colors in Atlanta and Texas races, even securing a win in Texas. However, their unexpected withdrawal from the Richmond race signaled an ominous turn.

The long-standing relationship between Hooters and NASCAR is memorable, with a notable highlight being the 1992 victory. Before aligning with Elliott, Hooters had sponsored driver Mark Stahl for the fourth race of the 1991 Cup Series season. However, following a poor performance by Stahl, Hooters switched their sponsorship to Alan Kulwicki, who immediately rewarded them with a pole position in Atlanta and an eighth-place finish. The partnership culminated in Kulwicki’s iconic victory in Bristol, leading to a three-year sponsorship deal. Tragically, Kulwicki’s untimely death in a plane crash put a premature end to this promising partnership.

In the face of Hooters’ distress, the motorsports world, represented by figures like Leah Pruett, extends their sympathies. The impact of Hooters’ withdrawal as a sponsor and their potential bankruptcy is a significant event in NASCAR history, affecting not only Chase Elliott but also the broader community of fans and motorsports celebrities.

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