American Bar And Grill Chain TGI Fridays, Declares Bankruptcy
Casual dining chain TGI Fridays filed for Chapter 11 bankruptcy in Texas Saturday, the company said. Known for its classic American fare- burgers, wings, and cocktails-the chain said that its restaurants across the United States and overseas would operate as usual.
TGI Fridays Inc., which filed for restructuring, directly manages 39 U.S. locations. However, 56 franchise locations across the U.S. and others in 40 countries are not affected since they operate independently.
Rohit Manocha, executive chairman, termed it a tough decision but said that it was a necessity to “protect the best interests of our stakeholders, including our domestic and international franchisees and our valued team members worldwide.” He said that the company had been facing financial difficulties due to the disruption brought on by the Covid-19 pandemic and TGI Fridays’ capital structure.
“This restructuring will enable our forward-looking restaurants to move forward with an optimized corporate infrastructure that enables them to reach their full potential,” Manocha added.
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