TGI Fridays Files for Bankruptcy Amid Financial Struggles

The iconic restaurant chain seeks Chapter 11 protection to restructure and support its long-term viability after pandemic-related setbacks.

TGI Fridays has filed for Chapter 11 bankruptcy, impacting 39 corporate-owned U.S. locations but not its 56 franchisees operating in 41 countries.
The company cites the COVID-19 pandemic and an unsustainable capital structure as primary reasons for its financial challenges.
A failed acquisition deal with UK-based Hostmore added to the financial strain, leading to the closure of numerous locations this year.
Despite the bankruptcy, all restaurants, including franchises, will continue operations while restructuring efforts are underway.
TGI Fridays joins a growing list of casual dining chains, like Red Lobster and Buca di Beppo, that have filed for bankruptcy amid shifting consumer preferences.