TGI Fridays Files for Chapter 11 Bankruptcy Amid Pandemic Struggles and Restaurant Closures

Nov 2, 2024, 04:45 PM

American casual dining chain TGI Fridays has filed for Chapter 11 bankruptcy protection in Texas on Saturday, citing ongoing financial struggles and an inability to recover from the COVID-19 pandemic, according to the company's chairman. The Dallas-based company, which operates 39 locations, has closed dozens of restaurants in recent years, including 36 restaurants in January and almost 50 locations this week, as it seeks ways to ensure its long-term viability. A planned merger with Hostmore fell through in September, further impacting the company's financial situation. The bankruptcy filing affects the parent company, while franchised restaurants continue operations.