Hostmore Abandons TGI Fridays Takeover, Shares Plunge Over 90%

The UK-based owner faces delisting from the stock exchange as it struggles to sell its restaurants and repay creditors.

Hostmore's plan to buy TGI Fridays for £177 million falls through after a management change.
Shares in Hostmore dropped more than 90%, signaling a severe loss in shareholder value.
The company is selling its 87 UK restaurants but expects the sales to fall short of covering debts.
Hostmore will likely be delisted from the London Stock Exchange following the sale completion.
TGI Fridays outlets in the UK will continue operations under new ownership.