TGI Fridays Files for Bankruptcy, Shuts Down Dozens of Locations
TGI Fridays, a beloved casual dining chain, has filed for Chapter 11 bankruptcy protection, a move that will result
TGI Fridays, a beloved casual dining chain, has filed for Chapter 11 bankruptcy protection, a move that will result in the closure of dozens of its locations. The company cited the COVID-19 pandemic and its capital structure as the primary factors contributing to its financial difficulties.
Despite the bankruptcy filing, many TGI Fridays locations will remain open. Company-owned restaurants, as well as those franchised by TGI Fridays Franchisor, LLC, will continue to operate. However, the chain has already shuttered approximately 50 locations in recent weeks, significantly reducing its global footprint.
TGI Fridays has a long history, dating back to its opening in Manhattan, New York, in 1965. The chain has faced numerous challenges in recent years, including declining sales and increased competition. This latest development marks a significant setback for the iconic brand.
As the company navigates the complexities of bankruptcy proceedings, it remains to be seen how the closures and restructuring will impact its future.
