TGI Fridays Files For Chapter 11 Bankruptcy Protection

The Guardian reports:

Restaurant chain TGI Fridays filed for bankruptcy protection Saturday, saying it is looking for ways to “ensure the long-term viability” of the casual dining brand after closing many of its branches this year. The Dallas-based company filed for Chapter 11 bankruptcy protection in a Texas federal court.

TGI Fridays executive chair Rohit Manocha in a statement said the “primary driver of our financial challenges resulted from COVID-19 and our capital structure”.

Founded in 1965, the popularity of TGI Fridays peaked in 2008 with 601 restaurants. It now counts 163 restaurants in the US, down from 269 last year. It closed 36 in January and dozens more in the past week.

Read the full article.

TGI Fridays files for Chapter 11 bankruptcy. The Dallas-based casual-dining chain filed for bankruptcy protection just days after closing almost 50 restaurants https://t.co/WzhEAvFBN1 pic.twitter.com/JObYGnbOyL

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