Nov 03, V7N-TGI Fridays has filed for Chapter 11 bankruptcy protection in the U.S., listing assets and liabilities between $100 million and $500 million. The American dining chain, which first opened in New York in 1965, has struggled financially, particularly after a failed acquisition by UK-based Hostmore and the long-term impact of COVID-19 on its capital structure. The bankruptcy filing affects only the corporate-owned U.S. locations, totaling 39 restaurants.
 
Despite the financial challenges, TGI Fridays stated it has secured financing to continue operations in its corporate-owned U.S. restaurants. Executive Chairman Rohit Manocha highlighted that the restructuring will streamline the company’s infrastructure, positioning the brand for future growth. The bankruptcy does not include its international franchisees; 56 franchisees in 41 countries will continue to operate independently.
 
Hostmore's canceled acquisition worsened the situation for TGI Fridays' UK operations. Following the collapse, Hostmore’s UK subsidiary, Thursdays (UK), which managed TGI Fridays in Britain, went into administration. This led to the closure of 35 TGI Fridays restaurants in the UK and the loss of over 1,000 jobs. 
 
Franchise operations are unaffected by the bankruptcy, so franchise-owned TGI Fridays locations will continue to operate normally both in the U.S. and internationally.
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