TGI Fridays filed for Chapter 11 bankruptcy, citing the Covid-19 pandemic as the primary driver of its financial challenges and plans to restructure for long-term viability.
Rohit Manocha stated that the decisions are necessary to protect the interests of stakeholders, including international franchisees and valued team members amid the restructuring.
The bankruptcy filing applies to TGI Fridays' parent company operating 39 restaurants, while franchise-owned locations will continue normal operations during the process.
Industry analysts noted that the restructuring will likely involve closing or selling unprofitable locations to stabilize the company and ensure its future.
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