Beloved casual dining chain TGI Fridays is facing some serious challenges, with its future hanging in the balance.
The restaurant, which has been a staple in America for nearly six decades, has closed almost 50 locations over the past few days. Now, the company has just 164 locations left in the U.S., down from 270 at the start of 2024. The shutters are taking place as the company nears what appears to be an inevitable bankruptcy filing. These closures have occurred in cities such as Columbus, Ohio, and Buffalo, New York. In January alone, 36 underperforming establishments from coast to coast were shut down.
In recent years, TGI Fridays has struggled to keep the lights on. Faced with high inflation and a shift in consumer habits that favors home-cooked meals over eating out, the chain that once stood for everyday indulgence has had a hard time finding its footing in the changing food industry. Chapter 11 bankruptcy could enable the company to shed unprofitable leases, restructure its debt, and possibly emerge with a smaller, sustainable presence. Still, even such measures may mean more closures and much-diminished Fridays.
The company’s plight mirrors other well-loved restaurants, including Red Lobster, Buca di Beppo, and BurgerFi, which have recently sought bankruptcy protection.
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