Company Update (NASDAQ:HOTR): Chanticleer Holdings Inc Increases Hooters Australia Investment
Chanticleer Holdings Inc (NASDAQ:HOTR), owner and operator of multiple restaurant brands internationally and domestically, announced today that the Company has closed a transaction to increase its investment in its five Hooters stores in Australia from 60% to 80%. The Company has increased ownership in the Parramatta, Penrith, Campbelltown, Surfers Paradise, and Townsville locations.
Led by Mike Messler, newly appointed Chief Operating Officer of Hooters Australia, Chanticleer has implemented a new management team to oversee the region and its five locations. Mr. Messler was formerly Franchise Business Development Manager and served in various operational leadership roles at Hooters of America. In addition, Ron Dufficy has been appointed as Chief Financial Officer of Hooters Australia. Ron is a Certified Practicing Accountant in Australia with over 20 years of finance and operations leadership experience, most recently as General Manager of Global Shared Services and as CFO of the Americas with Aristocrat Leisure Limited.
“With this increased ownership position in Hooters Australia, we have heightened our control over the day to day operation of our restaurants in that country, which we expect to be beneficial both financially and operationally,” said Mike Pruitt, CEO of Chanticleer Holdings, Inc. “Mike, Ron and our new management team are already on the ground to engage with our guests, employees and business partners. We are excited about the opportunity to fully leverage the Hooters brand in this important growing market.” (Original Source)
Shares of Chanticleer Holdings closed yesterday at $1.15. HOTR has a 1-year high of $4.18 and a 1-year low of $1.03. The stock’s 50-day moving average is $1.28 and its 200-day moving average is $2.27.
Chanticleer Holdings Inc operates Hooters franchises internationally and several restaurant and bar concepts domestically. It is engaged in owning and operating fast casual dining concepts domestically and internationally.