TGI Fridays Files for Bankruptcy as Chain Struggles to Compete with Local Eateries
TGI Fridays has filed for Chapter 11 bankruptcy protection, blaming the impact of the Covid-19 pandemic. The company intends to use the bankruptcy process to explore alternatives to ensure its long-term viability. The process will affect the parent company, which operates 39 restaurants, but not its franchisees. The company secured funding to allow all locations to continue operation while it navigates bankruptcy. The chain, which began in 1965, experienced significant financial struggles from the pandemic and never fully recovered.
John Q. Hosedrinker