The COVID-19 pandemic was the primary driver of our financial challenges and the Chapter 11 bankruptcy process will allow it to explore strategic alternatives.
The pandemic forced in-person dining establishments to close or pivot their business models, and many struggled to recover amidst increasing competition from fresher, faster, and cheaper options.
The next steps announced today are difficult but necessary actions to protect the best interests of our stakeholders, including our domestic and international franchisees and our valued team members.
TGI Fridays joins several big-name chains in filing for bankruptcy this year, including Red Lobster, Big Lots, Tupperware, Express and Joann.
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