TGI Fridays Quietly Closes More Locations, Prepares for Bankruptcy

While TGI Fridays is a popular concept, as a restaurant it's starting to lose some appeal. Here's what's happening with the TGI Fridays chain, which is shutting down locations and tottering close to bankruptcy. 

This week, only six eateries were shuttered – ones in Leesburg, Virginia; Allentown, Pennsylvania; Middletown, Poughkeepsie, and Clifton Park, N.Y.; and Enfield, Connectict. But these join a longer list of restaurants that have already been cut.

TGI Fridays has closed 50 locations this year, according to Restaurant Business, and this month alone, restaurants in Charlotte, North Carolina; Charleston, South Carolina; Grand Chute, Wisconsin; Saginaw Township, Michigan; Schererville, Indiana; and two locations in Minnesota, St. Louis Park and Edina, were given the boot. 

Not if the chain doesn't have to. It is looking for a buyer and will likely file for Chapter 11 bankruptcy protection. About 200 restaurants are left standing. 

Some blame Chipotle and the pandemic. As fast-casual eateries have dug into TGI Fridays market share, the pandemic caused shutdowns, and customers were leery of eating in a sit down restaurant. 

TGI Fridays isn't alone either — other restaurant chains that have recently filed for bankruptcy include Red Lobster, Ruby Tuesday's, and Sbarro. Though many are hoping for a rebound with efforts underway to win back customers.

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