US restaurant chain TGI Fridays files for bankruptcy

Casual American dining chain TGI Fridays filed for Chapter 11 bankruptcy on Saturday in the US state of Texas, a company statement said.

The bar and grill chain — known for serving up hamburgers, chicken wings and signature cocktails — said its dozens of restaurants in the United States and abroad would remain open to customers while the company uses the restructuring process to “explore strategic alternatives in order to ensure the long-term viability of the brand.”

TGI Fridays Inc, which filed for bankruptcy, owns and operates 39 restaurants in the United States.

Not included in the Chapter 11 process are 56 franchise TGI Friday’s locations in the United States and 40 other countries, which are independently owned, the firm said.

“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,” executive chairman Rohit Manocha said in the statement.

Manocha said the Covid-19 pandemic and the company’s capital structure were the primary reasons for its financial issues.

“This restructuring will allow our go-forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential,” he said.



https://insiderpaper.com/


  • Related Posts

    Hurricane Rafael Public Advisory Number 16

    …RAFAEL TURNING WEST-NORTHWESTWARD OVER THE SOUTHEASTERN GULF
    OF MEXICO…
    Location: 24.5°N 85.2°W
    Max sustained: 100 mph
    Moving: WNW at 9 mph
    Min pressure: 971 mb

    Issued at 900 AM CST Thu Nov 07 2024

    Hurricane Rafael Public Advisory Number 15A

    …AIR FORCE AND NOAA HURRICANE HUNTERS CURRENTLY INVESTIGATING
    RAFAEL…
    Location: 24.3°N 84.9°W
    Max sustained: 105 mph
    Moving: NW at 9 mph
    Min pressure: 970 mb

    Issued at 700 AM EST Thu Nov 07 2024

    You Missed

    Hurricane Rafael Public Advisory Number 16

    • By NHC
    • November 7, 2024
    • 2 views

    Hurricane Rafael Public Advisory Number 15A

    • By NHC
    • November 7, 2024
    • 3 views

    The Meltdowns And The Tantrums Have Begun

    The Meltdowns And The Tantrums Have Begun

    The Recession Of 2025 Will Be Backdated

    The Recession Of 2025 Will Be Backdated

    Vatican hopes for ‘wisdom’ from Trump

    Vatican hopes for ‘wisdom’ from Trump

    Hurricane Rafael Public Advisory Number 15

    • By NHC
    • November 7, 2024
    • 4 views