“Our renowned Hooters restaurants are here to stay,” said Hooters of America CEO Sal Melilli. The chain says that as it completes the Chapter 11 bankruptcy process, all Hooters locations will be franchisee-owned. Hooters said it plans to exit bankruptcy in about three to four months after completing its transaction deal with a buyer group.

Hooters of America has become the latest major restaurant chain to file for bankruptcy after accumulating $376 million in debt.

Hooters, the restaurant chain known for its all-female waitstaff, neon orange branding, and chicken wings, on Monday it filed for bankruptcy protection. Hooters of America said the Chapter 11 bankruptcy filing would allow it to continue normal operations during the proceeding.