Hendrick Motorsports announced Monday that the organization will cut ties with longtime NASCAR sponsor Hooters, effective immediately.
Hooters had primary sponsorship for Hendrick Motorsports driver Chase Elliott in Cup Series events this season at Atlanta Motor Speedway and Texas Motor Speedway. Elliott won driving the Hooters emblazoned car car on April 14 at Texas Motor Speedway.
Hooters was scheduled to serve as the primary sponsor for Elliott in one more Cup Series event in 2024.
A statement from Hendrick Motorsports read: ”Hooters has been a valued partner of Hendrick Motorsports since 2017, contributing to our shared successes both on and off the track. In recent months, however, Hooters has not been able to meet its business obligations to our organization. Due to these unfortunate and unexpected circumstances, and despite extensive efforts on both sides to identify a workable solution, it became necessary for Hendrick Motorsports to end the relationship. It has been a privilege having Hooters as a part of our team and we wish them the best.”
The Atlanta based restaurant chain has recently closed numerous outlets nationwide.
The Hooters outlet in Manchester, Connecticut announced Monday that it was closing, effective immediately.
I blame the booming economy.
HIllary 2024,
I’ll take the bait and respond. One thing I find fascinating about the world we live in is that I go on social media every day and read about how awful the economy is. Just that general statement. Not a lot of deteail or evidence, just the general statement that the economy is bad. Three weeks ago I went to a restaurant in East Windsor. Nice place, a little above average prices. Went on a Sunday afternoon. Waited an hour for a table. Place was packed. And it didn’t look like it was packed with CEO’s of Insurance companies or pharmaceutical makers. Looked like every day folks getting a good meal. About a month ago I went to a small family owned restaurant in the town where I live. Friday evening at 8 pm and there was literally a line out the door to get a table. And the crowd just kept coming.
Not a big drinker, but every bar I’ve been to in the last 6-8 months has had the same or larger crowds than I’ve ever typically seen. Had a family dinner a few weeks ago at Mohegan Sun Casino. Place was a madhouse. Good luck getting a seat at any restaurant there. Slot machines jammed. People pouring into there for a concert.
And then I go on social media and I read every day about how the economy is terrible. Now, is it great? Definitely not. Are we on the verge of an economic depression? I’m thinking the indicators don’t say so. Because I’ll say this, if people are struggling restaurants wouldn’t be turning people away, the bars wouldn’t be jammed, the casino wouldn’t be packed, concerts wouldn’t be selling out. We all have to buy groceries and gas, the staples. But nobody needs to go to a restaurant. Nobody is forced to go to a bar. Nobody has to go to a concert. Nobody must play a slot machine. But, it seems like a whole heck of a lot of people are still doing those things every single day. How can that be when the economy is so awful and everybody is struggling?
So yeah, as far as your comment trying to be one to those people throwing out the everyday, generic, stale “it’s the economy” statements. I don’t think the economy is to blame for the demise of Hooters. If that was the case there would be a lot more chain restaurants shutting their doors. Places that suck close down, that’s called life. It’s been that way for a long long time. Think about this, maybe the tried and true business model of having scantily clad young women serving really terrible food has run its course? Just guessing.
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The slice of society that Hooters appeals to has been getting smaller and smaller. Women are getting more assertive and less tolerant for being objectified. Even the beauty contests are imploding and in free-fall. Bathing suit competitions are being dropped.
Men’s clubs (strip joints) are going away, there are far less ads for those than there were several years ago.
But then, there are still a few troglodytes and Neanderthals around looking for these places.
Looks like Hooters couldn’t pay their bills, the advertising didn’t generate revenue, and Hooters is contracting.
I have never been in a Hooters.
The issues with Hooters and its likely demise goes far beyond just a business model gone stale. One has consider why it came about, and what happened during a period of transition. Hooters was created by Bob Brooks and his children to sell more core products for the family business, Eastern Foods/Naturally Fresh Inc. Bob’s two sons were southerners and racing fanatics since childhood. Racing affiliation brought more people to Hooters, which meant more sales for Eastern Foods. One of Bob’s sons died in a plane crash in the 90’s, then Bob Brooks passed away in 2006. After a long period of family infighting, the empire was sold off in pieces to different entities. Eastern Foods survives on it’s own, but without the financial backstop of the food division, Hooters never would have made it past their first decade and is a now an incomplete business model. As its own entity, Hooters is/was doomed under any economy
Crowds at restaurants are not a true representation of the general health of an economy. From post 9/11 to 2008 the economy was growing at an exponential pace. Things were going good, interest rates were relatively low and money was cheap, restaurants were packed back then too. Then everything imploded in what seems as overnight. People make discretionary spending decisions based on their own values during rough economic times. Does one go to multiple weekly races locally, or save for just one or two bigger races. Does one go to the races or out to eat. Based on what I have seen at some weekly races around here, more people are probably saving to go out to eat or just avoid racing attendance in general now.
The stats behind the long wait at restaurants.
US unemployment rate was 3.5% in February 2020, spiked to 14.8 in April 2020, reached a low of 3.4 January 2023 and in May hit 4%. Excluding the pandemic spike the unemployment rate has been historically low from 2018 to now.
Connecticut unemployment rate is currently was 4.3% as of May 2024.
Massachausett’s unemployment rate was 3% as of May 2024.
The labor force participation rate after the pandemic crash has steadily risen since and at about 63% is near the average it’s been since 2015.
Dow Jones, S&P 500 and Nasdaq have more then doubled since 2017 and are currently at or near record highs. 401K’s should be doing quite well now.
If you own a home you’ve likely enjoyed a massive jump in your personal net worth resulting from the spike in real estate values.
Both housing (mortgages) and non housing (credit card) debt decreased after the 2007-8 crash until the second quarter of 2013. Both have been on the rise since and are now at record highs. 12.82% trillion for housing, 4.87 trillion for non housing.
CPI-by month hasn’t been under 3% since March 2021.
Inflation-nationally rose to 9.1% in June 2022. Steadily decreased to 3% in June 2023 and was 3.3% in May 2024.
Wages-From a recent low of 1.6% in 2010 it spiked in August 2022 at 6.7% and was running at 4.7% for March 2024 greater then the rate of inflation.
ADJUSTED FOR INFLATION the average national price for a gallon of gas reached a high in 2012 of $5.03, decreased then spiked again in June 2022 at $4.36 and has averaged $3.75 for 2024. Today’s AAA national average is $3.501.
Airlines, restaurants and even motel/hotel doing darned well.
If you’re an old coot like me you may have been raising a family during the 1970’s. At which time inflation was consistently very high as well and the unemployment rate. Getting to work a challenge with the Arab oil embargo and gas lines. Not even that was a depression. What’s happening now and calling is a depression is an insult to the greatest generation that actually grew up in a depression FOR A DECADE then had to fight a war before getting out of it.
If NASCAR is going to walk the talk, and be an actual family valued business entity, and no longer influenced and dominated by White Supremacist Male Christofascist values, stuff like Hooters has to go.
Women with children are a large population of the fans, and Hooters is not appropriate for that audience.
It sounds like Hooters defaulted on its financial obligation(s) to HMS. So, it does not appear that HMS’ decision was “values” related(?).
From what I’ve learned mostly from Brock Beard’s NASCAR history videos Hooters was a pretty flaky sponsorship partner in the early 90s too.
I Must Not Be Feeling Well. For One In A Few Times, I Agree With Da Fell!!🤣😂🤣😂🤣
Yeah, well NASCAR had a policy, or unwritten rule, that hard liquor sponsors were not allowed. Then hard times happened and hard liquor sponsor dollars were welcome. And let’s not forget the ED pills sponsors.
White Supremacist Male Christofascist values. Oh Dafella, you mean the W.S.M.C.? It’s adorable when Dafella uses his big words.
Chevelldude wrote, “I Must Not Be Feeling Well. For One In A Few Times, I Agree With Da Fell!!🤣😂🤣😂🤣”
Keep hope alive. Keep hope alive.
A long time ago, I once worked at a Hooters! The tips were totally awesome.