The parent company of the U.S. restaurant chain TGI Fridays, filed for Chapter 11 bankruptcy in Texas. The move comes after several shakeups in its leadership and restaurant holdings signaled the imperiled nature of the company's finances.
Founded in 1965 in Manhattan by Alan Stillman, the iconic red-and-white awning-adorned bar and restaurant quickly expanded to include franchised locations across the country and a number of spin-offs. After changing hands and ownership structure several times, the company today encompasses over 400 locations. Its performance peaked in 2008 with $2 billion in annual revenue. In 2023, the company claimed just $728 million in sales and a significant reduction in active restaurants.
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Self-described as "the birthplace of fun, freedom, and celebration," the company cited its capital structure and COVID-19 as the primary source of its financial challenges. Though it's just one of many businesses adversely affected by the pandemic, the statement claims that the restructuring move will allow TGI Fridays Inc. to optimize its infrastructure and ensure long-term brand viability. The bankruptcy proceedings will not...
