World News
US bar and grill chain TGI Fridays files for bankruptcy
The bar and grill chain — known for serving hamburgers, chicken wings and signature cocktails — said its dozens of restaurants in the United States and abroad will remain open to customers.
WASHINGTON: Casual American dining chain TGI Fridays on Saturday filed for Chapter 11 bankruptcy in the US state of Texas, a company statement said.
The bar and grill chain — known for serving hamburgers, chicken wings and signature cocktails — said its dozens of restaurants in the United States and abroad will remain open to customers while the company uses the restructuring process to “explore strategic alternatives to ensure the long-term viability of the brand.”
TGI Fridays Inc, which has filed for bankruptcy, owns and operates 39 restaurants in the United States.
The firm said the Chapter 11 process does not include the 56 franchised TGI Fridays locations in the United States and 40 other countries, which are independently owned.
“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 restaurants going forward with an optimized corporate infrastructure that enables them to reach their full potential,” he said.
