TGI Friday, there are only 85 remaining locations in the US
TGI Friday CEO explains how the company is making a comeback after filing for bankruptcy in 2024.
TGI Friday footprint in the US has been significantly reduced.
The chain’s website lists 85 restaurants across the country, with less than a third of the US operating in the beginning of 2024, and about 270, CNN reported on Tuesday.
In November, TGI Fridays Inc. entered Chapter 11 bankruptcy proceedings, and more than 160 people were scattered across the United States, according to the outlet. There was a closure and sale of TGI Friday Restaurant since then.
TGI Friday Files for Bankruptcy, Covid-19 Pandemic is due to financial issues
TGI Fridays Inc. said at the time that it “we ended bankruptcy to allow the company to explore strategic alternatives to ensure the long-term viability of the brand.”
TGI Friday footprint in the US has been significantly reduced. (Lynn Cameron / via PA Images / Getty Images)
According to a November press release that announced bankruptcy, the locations franchised to 56 franchisees in 41 countries were not included in the Chapter 11 process.
“The story about TGI Friday, the iconic restaurant bar chain that invented casual dining, singles bar concept and Long Island iced tea, is not a closure, but a new structure and a new strategy,” a representative from TGI Friday told Fox Business.
Franchisee Ray Blanchette was chosen to lead TGI Friday and created the Sugarloaf TGIF Management. He was previously the CEO of the chain from 2018 to 2023.
Click here to get your Fox business on the go
“The brands that are different from those that filed for bankruptcy are now led by franchisees, and the franchisee advisory committee is strengthening and shaping the decisions across the brand,” said a representative for TGI Fridays. “Bankruptcy has affected less than 10% of the system.”
According to the company, TGI Friday’s footprint currently includes 391 restaurants in 41 countries.
TGI Fridays is also looking to attract young audiences. (Bruce Bennett/Getty Images)
Blanchette, who leads TGI Fridays comeback efforts, recently told Fox Business that he had already upgraded 80% of its menu before the first 100 days. New food and cocktail menu It will be launched nationwide on May 13th.
TGI Friday Comeback: From Improved Menu to New Social Media Strategy
TGI Fridays is also looking to attract and emphasize younger audiences and “change the brand’s voice and renew it.” Social Mediahe said in an interview.
Daniella Genovese contributed to this report.