TGI Fridays became the latest chain restaurant to declare bankruptcy on Saturday as 2024 is on pace to see the most bankruptcies in decades outside of 2020 when the COVID-19 pandemic hit.
The casual dining chain announced the bankruptcy in a statement on Saturday. While the business restructures, its restaurants will remain open, the statement said. The company owns 39 restaurants around the United States. The company’s 56 franchisees are independent and not included in the filing.
“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 around the world,” TGI Fridays Inc. executive chairman Rohit Manocha said in a statement. “The primary driver of our financial challenges resulted from COVID-19 and our capital structure.”
