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Restaurant chain TGI Fridays filed for bankruptcy on Saturday, saying it is looking for ways to “ensure the long-term viability” of the casual dining brand after closing many of its locations this year.
The Dallas-based company filed for Chapter 11 bankruptcy protection in a federal court in Texas.
TGI Fridays CEO Rohit Manocha said in a statement that “the primary driver of our financial challenges was the result of COVID-19 and our capital structure.”
Restaurant chains have faced broader challenges in recent years as diners choose to have their food delivered or visit upscale fast-food chains like Chipotle and Shake Shack.
A US bankruptcy judge in September approved a reorganization plan for seafood chain Red Lobster after years of mounting losses and declining customers.
Founded in 1965, TGI Fridays’ popularity peaked in 2008 with 601 restaurants in the United States and a $2 billion business, according to Kevin Schimpf, director of industry research at Technomic. Its sales in the United States were $728 million in 2023, 15% less than the previous year, according to Technomic.
It now has 163 restaurants in the United States, up from 269 last year. It closed 36 in January and dozens more last week.
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TGI Fridays Inc. said it only owns and operates 39 restaurants in the United States, which is just a fraction of the 461 TGI Friday-branded restaurants worldwide. An independent entity, TGI Fridays Franchisor, owns the intellectual property and has franchised the brand to 56 independent owners in 41 countries. Those remain open.
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