TGI Fridays has been falling apart since the beginning of the COVID pandemic, with diners cutting back on spending and casual dining chains struggling.
Sales for TGI Fridays declined 15% in 2023, marking a significant downturn as the chain has shuttered dozens of locations amid rumors of impending bankruptcy.
The chain has seen a decline to 164 locations nationwide from 213 last week, representing a drastic 50% drop from 329 locations in 2020.
TGI Fridays' struggles are emblematic of larger industry challenges, with casual dining experiencing overall traffic declines while competitors also face decreased unit sales.
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