TGI Fridays executive chairman, Rohit Manocha, stated that these difficult steps aim to protect stakeholders’ interests, including franchisees and team members. The bankruptcy filing affects only the 39 restaurants operated by TGI Fridays’ parent company. The chain operates over 160 U.S. locations but has 56 franchisees in 41 countries, which remain open during this process.
- TGI Fridays’ executive chairman, Rohit Manocha, emphasized that filing for bankruptcy is a strategic move to protect stakeholders, including franchisees and employees.
- The Chapter 11 filing impacts only the 39 corporate-owned restaurants in the U.S., while over 160 locations and international franchises remain unaffected and operational.
- The company secured debtor-in-possession financing to sustain operations during reorganization and filed motions to maintain customer programs and service continuity.
- This reorganization, driven by financial challenges post-pandemic, aims to stabilize TGI Fridays and support long-term growth for both franchise and corporate locations.
TGI Fridays secured debtor-in-possession financing to support operations while navigating the Chapter 11 process. The company filed motions with the Bankruptcy Court to continue customer programs and operations as usual. These motions are standard in Chapter 11 cases and expected to receive court approval soon.
Founded in 1965, TGI Fridays has grown to 461 restaurants worldwide. The pandemic significantly impacted its financial stability, prompting the need for strategic reorganization. The company’s focus remains on supporting franchise operations and maintaining its U.S. corporate-owned restaurants.
The bankruptcy filing is a pivotal step for TGI Fridays as it seeks to stabilize and ensure its long-term viability. The process will involve evaluating various strategic options to overcome current challenges and secure the company’s future.
