TGI Friday’s has closed 12 locations in the United States in the past month.
The restaurant chain also shuttered 35 locations in the United Kingdom.
According to Fox Business, closed locations in the United States include Clifton Park, Middletown and Poughkeepsie, New York; Allentown, Pennsylvania; Enfield, Connecticut; and Leesburg, Virginia.
The other closures took place in North Carolina, South Carolina, Wisconsin, Michigan, Indiana, and Minnesota.
TGI Fridays closes a dozen stores across America in just 30 days https://t.co/WFADKk1S2e pic.twitter.com/gRIZDWGbkR
— End Time Headlines (@EndTimeHeadline) October 16, 2024
Per Fox Business:
U.K.-based Sky News also reported last week that the restaurant chain secured an acquisition deal to save 51 locations and their workers’ jobs, but ultimately, 35 stores closed their doors immediately and more than 1,000 employees were let go.
TGI Fridays did not respond to Fox News Digital’s request for comment or clarification on the recent closures.
In January of this year, however, the brand closed an additional 36 of its restaurants that were “underperforming,” claiming it was part of a long-term growth strategy to ensure viability.
It also sold eight of its corporate-owned restaurants to its former CEO Ray Blanchette in January, with the company adding that this “era of transformation” will help drive continued revenue for the chain.
Bloomberg reports the restaurant chain is preparing to file for bankruptcy.
TGI Friday’s is seeking financing as the casual-dining chain prepares to file for bankruptcy protection in coming weeks https://t.co/dPg1qlE4O3
— Bloomberg Markets (@markets) October 19, 2024
Bloomberg reports:
TGI Friday’s Inc. is seeking financing as the casual-dining chain prepares to file for bankruptcy protection in coming weeks, according to people with knowledge of its plans, after struggling to turn around a business pressured by customers’ tighter budgets and preference for faster food.
The company is huddling with lenders in search of a loan that would help it continue running restaurants through the Chapter 11 process and emerge as an operating company, said the people, who asked not to be named discussing confidential information.
TGI Friday’s is working with lawyers from Ropes & Gray LLP on its bankruptcy preparations, which aren’t final and may still potentially change, the people said. Representatives for the company and for Ropes & Gray didn’t respond to requests for comment. Debtwire earlier reported on the potential for bankruptcy.
The chain’s obligations include asset-backed securities, which were the source of some drama last month after the company’s management breached their terms by failing to file documents to bondholders on time. As a result of that breach, they had to turn over control of some assets to an outside manager.