TGI Friday footprint in the US has been significantly reduced.
The chain’s website lists 85 restaurants nationwide, with around 270, less than a third of the number operating in the US in early 2024, CNN reported Tuesday.
In November, TGI Fridays Inc. entered Chapter 11 bankruptcy proceedings, and more than 160 people were scattered across the United States, according to the outlet. Since then, the restaurant has been closed and sold on TGI Friday.
TGI Fridays Inc. has entered bankruptcy “to enable the company to explore strategic alternatives to ensure the long-term viability of the brand.”
According to a November press release that announced bankruptcy, the locations franchised to 56 franchisees in 41 countries were not included in the Chapter 11 process.
“The story about TGI Friday, the iconic restaurant bar chain that invented casual dining, singles bar concept and Long Island iced tea, is not a closure, but a new structure and a new strategy,” a representative from TGI Friday told Fox Business.
Franchisee Ray Blanchette was chosen to lead TGI Friday and created the Sugarloaf TGIF Management. He was previously the CEO of the chain from 2018 to 2023.
“The brands that are different from those that filed for bankruptcy are now led by franchisees, and the franchisee advisory committee is strengthening and shaping the decisions across the brand,” said a representative for TGI Fridays. “Bankruptcy has affected less than 10% of the system.”
According to the company, TGI Friday’s footprint currently includes 391 restaurants in 41 countries.
Blanchette, who leads TGI Fridays comeback efforts, told Fox Business that he had already upgraded 80% of its menu before its first 100 days, and that a new food and cocktail menu was launched nationwide on May 13th.
TGI Fridays aims to focus more on social media, attracting younger audiences and “change the brand’s voice and renew it,” he said in an interview.
