A buyer group comprised of two existing Hooters franchisees has agreed to acquire and operate certain Company-owned Hooters locations, the company said in a press release. At the end of the Chapter 11 process, all Hooters locations will be franchisee-owned, the company also said.

The owner and operator of about 30 theme parks in eight countries, including the U.S., files for Chapter 11 bankruptcy.

It's the latest restaurant chain to undergo restructuring, which will see it move from mostly company-owned to franchisee-owned locations.