TGI Fridays has closed another 30 locations since submitting bankruptcy at the end of 2024 – after the 100 that it closed last year.
The iconic informal eating chain, best known for hamburgers, shakes and uniforms covered with flair, restructures his debt after years of falling turnover.
New York, New Hampshire, Maryland, Massachusetts and Ohio struck the newest wave of closures.
Only 200 American locations remain open – and nine of them can be sold soon to Mera Corp., a restaurant operator who is involved in the current bankruptcy process.
Despite the unrest, the chain marks its 60th birthday with a special anniversary menu contains two appetizers for $ 19.65 and a memorial –iced tea with Long Island.
Former CEO Ray Blanchette has also returned to lead the company and is back with a message from optimism.
“In the past decade, our company and the category-in-sized challenges have confronted with challenges,” said Blanchette-Die CEO was from 2018 to 2023 before he returned earlier this year to restaurant Drive.
TGI Fridays has closed 130 locations this year, including in New York, Ohio and Maryland
Yet the essence of Friday – our culture, values and people – remains strong. '
“We bring the pleasure back to Friday and give people more reasons to collect and celebrate,” Blanchette, who is also a franchisee of the chain, added.
Blanchette also hinted that more airport and in hotel locations could be an area of growth for the brand after the stand.
In particular the TGI Fridays location in the Hilton Garden Inn in Hollywood, California is successful according to Blanchette.
Founded in 1965, TGI Friday's sales and store locations reached 601 American restaurants and $ 2 billion in net turnover in 2008. At its peak, the brand also had 300 international locations.
The recession started in 2009 when the US entered a recession, which led to a sharp fall in sales by 24 percent to $ 1.5 billion.
At the time, the number of restaurants also fell and also shrinks to 480 locations throughout the country.
TGI Fridays made his name with cocktails
TGI Fridays, famous for its characteristic hamburgers and drinks, reported sales since 2008
Ray Blanchette was CEO from 2018 to 2023 before he returned earlier this year (right)
Earlies accelerated during the COVID-19-Lockdowns in 2020. The restaurant reported further difficulties in 2021 with inflation that squeezes the chain as a food-road-of-home prices, according to the consumer price index.
“The primary motivation of our financial challenges was the result of COVID-19 and our capital structure,” said Rohit Manocha 'Friday' on Friday chairman in a statement after the bankruptcy.
Friday is far from the only informal eating chain that is struggling with the sale in the post-Pandemic era.
Various other national chains, including Red Lobster, World of Beer Bar & Kitchen, and citizenfi also served in the bankruptcy of Chapter 11 in 2024 as customers, fluctuated by inflatory pressure, flowed to ridiculous meal agreements.
