An era is coming to an end.
Following its Chapter 11 bankruptcy filing last year, TGI Fridays is closing its locations around the country.
The well-known casual restaurant brand declared bankruptcy in the Northern District of Texas in November, according to PR Newswire, following several attempts to spur long-term growth.
According to Rohit Manocha, Executive Chairman of TGI Fridays Inc. at the time, the following steps outlined today are challenging but essential measures to safeguard the interests of our stakeholders, including our local and international franchises and our esteemed workforce worldwide. Our capital structure and COVID-19 were the main causes of our financial difficulties.
Our… restaurants will be able to move forward with an optimized corporate infrastructure that allows them to realize their full potential thanks to this restructure.
Months later, Eat This, Not That! claims that the company is still in danger of going out of business completely, with over 40 sites throughout the country set to permanently close. There are now just six of these stores remaining in Pennsylvania, one of which is in Abington Township, Montgomery County.
That being said, there may be hope for TGI Fridays:According to the Wall Street Journal, In an attempt to revive the brand, former CEO Ray Blanchette has assumed administration of the surviving eateries.
“It’s not that hard,” Blanchette told the Journal. A nice time must be sold to people.
We don’t sell groceries; we sell experiences.
There is still a lack of information on TGI Fridays, including whether or not other stores will close.
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