"I did a double take on that," bankruptcy judge Stacey Jernigan said during the restaurant chain's Monday bankruptcy hearing in Dallas, Texas. "I was imagining, you know, grandparents who got gift cards for their kids in college and then it got thrown away." This highlights the emotional impact of gift cards that may never expire on the bankruptcy proceedings.
TGI Fridays is expecting franchisees to struggle as they rely on the corporation to reimburse them for redeemed gift cards. With concerns over the company’s ability to provide funds, this presents a significant risk to the franchise network.
Rohit Manocha, executive chairman of TGI Fridays Inc., stated that COVID recovery troubles caused a significant downturn, which may have contributed to their decision to file for Chapter 11 bankruptcy.
Collection
[
|
...
]