TGI Fridays Closes 50 Locations as Bankruptcy Looms
The popular casual dining chain is reportedly preparing for Chapter 11 bankruptcy amid widespread restaurant closures across the U.S.
- TGI Fridays has closed 50 restaurants in the last week, reducing its U.S. presence to 163 locations from 213.
- The closures have affected multiple states, including New York, Ohio, New Jersey, and California, with some cities losing all their TGI Fridays locations.
- The company is reportedly negotiating debtor-in-possession financing to support its operations during bankruptcy proceedings.
- Financial distress factors include rising costs, high interest rates, and the lasting impacts of the Covid-19 pandemic.
- Other casual dining chains like Red Lobster and Buca di Beppo have also filed for bankruptcy this year, reflecting broader industry challenges.
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