TGI Fridays filed for Chapter 11 bankruptcy protection, aiming to ensure the long-term viability of the brand after many closures due to financial struggles.
The primary driver of our financial challenges resulted from COVID-19 and our capital structure, reflecting broader issues faced by sit-down chain restaurants.
Sales at TGI Fridays dropped 15% in 2023, with the company now operating only 39 owned restaurants in the U.S., down significantly from 269 last year.
Founded in 1965, TGI Fridays peaked in 2008 with 601 U.S. restaurants and a $2 billion business, now reduced to 163 due to ongoing struggles.
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