Casual dining chain TGI Fridays abruptly announced it would close 36 “underperforming” restaurants across the U.S., including five in New York, as part of its “continued growth strategy.”
A photo on social media shows a sign on the door of a shuttered store: “We regret to inform you that Friday's has made the difficult decision to close its doors… We will be closed from January 2, 2024.” There was a photo of a sign posted on it.
“As part of the closure, TGI Fridays is offering transfer opportunities for more than 1,000 people, representing more than 80% of all affected employees,” the company said in a press release.
A company based in Dallas revealed a surprising closure. The company also announced Wednesday that eight previously corporate-owned restaurants in the Northeast will be sold to former CEO Ray Blanchett.
Blanchett served as chief of TGI Fridays for five years before stepping down in May as the restaurant chain, creator of the popular Loaded Potato Skins appetizer, “entered a new phase of its turnaround.”
The restaurants being sold to Blanchett include six in Braintree, Boston/Brigham, Everett, Methuen, Milbury and Stoughton in Massachusetts, and two in Concord and Manchester in New Hampshire. National restaurant news.
The 36 stores permanently closed are in 12 states: seven in New Jersey, six in Massachusetts, five in New York, and four in Texas and Virginia.
There were also closures in California, Connecticut, Florida, Maryland, New Hampshire and Pennsylvania, as well as two locations in Colorado (the state's only TGI Friday venue).
TGI Fridays has not yet released a final list of which outposts in each state have been closed. The company is owned by private equity firm TriArtisan Capital Advisors, and its financial results are not made public.
According to the company's website, there are more than 850 TGI Fridays restaurants in 55 countries. Approximately 275 are in the United States.
Representatives for TGI Fridays did not immediately respond to The Post's request for comment.
“Strengthening our franchise model and closing unprofitable stores creates an unprecedented opportunity for Friday's to advance our vision for the future,” Ray Risley, the chain's U.S. president and chief operating officer, said in a press release. “There is,” he said.
He continued: “Our top priority has always been to deliver a great experience for each and every TGI Friday guest, and we are optimizing and optimizing our operations to ensure we are best positioned to meet and exceed that brand promise. We have identified opportunities to streamline.”
But the company announced last year that it expects U.S. same-store sales to increase 8% from 2019 and total sales to reach $1.6 billion in 2022.
It also revamped its menu in recent months to stay competitive with rivals like Applebee's and Chili's.
In October, it announced the addition of new appetizers, salads and non-alcoholic cocktails to its menu.
Applebee's and Chili's recently revamped their menus in October 2022 and May 2023, respectively.
