Bankruptcy Blues
TGI Fridays, the go-to spot for mozzarella sticks, sizzling fajitas, and kitchy decor, now has just 85 U.S. locations, CNN reported on Tuesday.
Here is everything you need to know.
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TGI Fridays, the go-to spot for mozzarella sticks, sizzling fajitas, and kitchy decor, now has just 85 U.S. locations, CNN reported on Tuesday.
Here is everything you need to know.
At the beginning of 2024, the casual dining chain had around 270 locations across the country, more than half of what it had at its peak in 2008, with 600 locations, but still better than its current standing. In November of 2024, Fridays filed for Chapter 11 bankruptcy, citing pandemic-related financial issues.
Around that time, the chain began slashing locations at a rapid pace and has sold dozens of restaurants to franchisees, including to Ray Blanchette — the former CEO, who returned to TGI Fridays in January to lead the beleaguered brand.
According to the official TGI Fridays store locator, the remaining 85 restaurants are distributed across 19 states:
After stepping down in 2023, Ray Blanchette is back in the CEO chair, this time with skin in the game as a franchise owner himself. He says the brand needs to quit wallowing in bankruptcy headlines and start focusing on fun again. “Celebration is kind of at the heart of everything we do,” he told Business Insider, while pointing to a “meaningful turnaround” in sales at the restaurants he owns. His plan is Less Boomers, More Gen Z nostalgia.