14 sources·Business

TGI Fridays Files for Chapter 11 Bankruptcy Protection

TGI Fridays seeks Chapter 11 protection amid financial troubles exacerbated by COVID-19 and a failed acquisition deal.

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Updated: Nov 2nd, 2024, 7:53 PM ET

Summary

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TGI Fridays has filed for Chapter 11 bankruptcy protection as it faces financial struggles attributed mainly to COVID-19 and the collapse of a deal with UK-based Hostmore. The company, now operating 39 corporate restaurants in the U.S., reported liabilities between $100 million to $500 million. However, franchise locations will continue normal operations and are excluded from the bankruptcy process. Executive Chairman Rohit Manocha emphasized that the bankruptcy will allow the company to restructure and explore strategic alternatives. The chain has faced significant closures and increasing competition from fast-casual dining.

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