A popular American dining chain is preparing to file for bankruptcy. Bloomberg News released an article Feb. 21 stating that Hooters Restaurant was working on a plan to restructure the business through bankruptcy.

It's been more than four decades since the first Hooters opened in Clearwater, Florida. Will the last remaining one in Palm Beach County close?

For decades, Hooters has been synonymous with wings, casual dining, and a distinct brand image. Now, that iconic identity faces an uncertain future as the restaurant chain reportedly prepares to file for bankruptcy.

Popular American dining chain Hooters may be facing bankruptcy in the coming months. Where's the closest Hooters? What to know.

On February 21, Bloomberg broke the news that Hooters of America has been in talks with its creditors to reorganize the business through a bankruptcy filing in the near future. According to that report, the company is working with law firm Ropes & Gray, which has represented other companies through bankruptcy proceedings .

Hooters, the "delightfully tacky, yet unrefined" restaurant chain that was born in Clearwater, may be heading for bankruptcy, according to Bloomberg.

Tampa Bay's original breastaurant isn't going anywhere. Why it matters: Following a recent Bloomberg report that a Hooters chain was preparing to file for bankruptcy, the ownership groups managing the original restaurant in Clearwater and more locations across Tampa Bay and South Florida sought to assure diners they're sticking around.

Hooters of America and its creditors are considering a potential bankruptcy plan that would return control of the brand to former executives and the original parent of the chain. Eliza Ronalds-Hannon reports on "Bloomberg Open Interest.