Jordan Valinsky of CNN reports that TGI Fridays Inc. has filed for Chapter 11 bankruptcy due to financial strain caused by the Covid-19 pandemic.
The bankruptcy applies to the parent company, which operates 39 restaurants, leaving franchisees unaffected.
TGI Fridays plans to use this process to explore strategic options and maintain long-term viability. Executive chairman Rohit Manocha described the decision as challenging yet essential to protect stakeholders.
The company secured funding to keep restaurants open during restructuring, although some unprofitable locations may close. Founded in 1965, TGI Fridays pioneered “happy hour” and serves American comfort foods like wings and burgers.
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https://www.cnn.com/2024/11/02/food/tgi-fridays-bankruptcy
