TGI Fridays will survive for now as it navigates bankruptcy proceedings.
The casual dining chain has filed for Chapter 11 bankruptcy protection, viewing this restructuring as a chance for TGI Fridays’ “future restaurants to operate with a streamlined corporate structure that allows them to maximize their potential,” Rohit Manocha, the executive chairman of TGI Fridays Inc., stated in a press release.
Manocha explained that the chain’s “financial difficulties” were largely due to the impacts of the COVID-19 pandemic and its existing capital arrangement.
As part of the bankruptcy process, thirty-nine company-operated TGI Fridays locations will remain open, along with numerous other locations the company owns both in the U.S. and globally. Additionally, restaurants run by TGI Fridays Franchisor, LLC will continue to serve customers.
According to CNN, TGI Fridays closed 50 outlets last week before proceeding with the Chapter 11 filing. Previously, the company had more than 270 locations worldwide; currently, over 160 TGI Fridays locations are still operational both domestically and internationally.
TGI Fridays Franchisor is offering temporary funding to TGI Fridays Incorporated to “support services for franchisees” while a “new long-term support system” is being developed.
On Monday, TGI Fridays did not provide immediate comments to YSL News.
Below is what we have learned so far.
How Many TGI Fridays Locations Have Closed in the U.S. This Year?
The very first TGI Fridays opened its doors in Manhattan, New York in 1965.
In January, TGI Fridays closed 36 “underperforming” restaurants across 12 states, including locations in Massachusetts and New Jersey.
These closures were part of a broader “growth strategy” aimed at creating significant opportunities for the future of TGI Fridays, as explained by Ray Risley, the U.S. President and COO.
TGI Fridays, which is privately owned by TriArtisan Capital Advisors, is also looking to bring in several new executives and sell some locations back to its former CEO.
The challenges faced by TGI Fridays are similar to those recently encountered by Red Lobster, which is just beginning to recover from its own bankruptcy.
“The steps we announced today are tough yet essential actions meant to protect the interests of our stakeholders, which include both our domestic and international franchisees, as well as our valued employees worldwide,” Manocha noted.
TGI Fridays Locations That Have Closed
California
- Fresno: 1077 E. Herndon Ave.
Colorado
- Longmont: 125 Ken Pratt Blvd.
- Denver: 8104 Northfield Blvd.
Connecticut
- Newington: 3025 Berlin Turnpike
Florida
- Ormond Beach: 24 Ocean Shore Blvd.
- Royal Palm: 580 N. State Road 7
Massachusetts
- Berlin/Marlborough: 601 Donald Lynch Blvd.
- Danvers: 49 Newbury St.
- Dedham: 750 Providence Highway
- Seekonk: 1105 Fall River Ave.
- Mansfield: 280 School St. Suite A100
- North Attleboro: 1385 S. Washington St.
Maryland
- Columbia: 8330 Benson Drive
- Bowie: 15207 Major Lansdale Blvd.
New Hampshire
- Amherst: 124 NH-101A Ste. 28
New Jersey
- Eatontown: 180 NJ-35 Ste. 6000
- Hackensack: 411 Hackensack Ave.
- Iselin/Woodbridge: 401 Gill Lane
- Wayne Town Center: 71 Route 23 South
- Marlton: 970 Rte. 73 N
- Princeton: 3535 US-1 #275
- Springfield: 40 US-22
New York
- Albany: 1475 Western Ave.
- Bay Shore: 1725 Sunrise Highway
- Hauppauge: 3045 Expy Drive N.
- Massapequa: 5204 Sunrise Highway
- Woodbury Township: 5 Centre Dr.
Pennsylvania
- Willow Grove: 2500 W. Moreland Rd.
Texas
- Corpus Christi: 5217 S. Padre Island Dr.
- Houston/Almeda: 12895 Gulf Freeway
- North Arlington: 1524 N. Collins St.
- The Woodlands: 1105 Lake Woodlands
Virginia
- Springfield: 6751-B Frontier Dr.
- Woodbridge/Potomac Mills: 13237 Worth Ave.
- Fredericksburg: 1160 Carl D Silver Parkway
- Manassas: 7401 Sudley Rd.
