NO cash flow and an advertising debt of just $5995 are believed to have sunk the Australian arm of themed restaurant chain Hooters.
The parent company of the famous eatery has been placed into liquidation with more than $4.8 million in debts.
Among the debts is the $5995 to Triple M Sydney for radio advertising which tipped the holding company into failure. The station is seeking a court order to receive the money.
Hooters restaurants are famous for their buxom and skimpily dressed female staff. Last year the Mermaid Beach restaurant held a competition for Hooter girl of the year.
Liquidator Murray Godfrey from RMG Partners told the Australian Securities and Investments Commission that ‘poor strategic management’ had caused the company to liquidate.
Buyers are being sought for the two remaining restaurants in Parramatta, in Sydney’s west and the Gold Coast, which are still trading.
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