TGI Fridays Files For Bankruptcy Protection
November 4, 2024 8:00AM AKST
FILE - People peek into a window of a TGI Friday's restaurant to see what they are serving to-go on Wednesday, March 25, 2020, in Miami Beach, Fla. (AP Photo/Brynn Anderson, File)
(Associated Press) – Restaurant chain TGI Fridays says it has filed for bankruptcy protection as it looks for ways to “ensure the long-term viability” of the casual dining brand.
The Dallas-based company filed for Chapter 11 bankruptcy protection in a Texas federal court Saturday.
Executive Chairman Rohit Manocha said in a statement that the “primary driver of our financial challenges resulted from COVID-19 and our capital structure.”
Sit-down chain restaurants more broadly have faced challenges in recent years as diners choose to get food delivered or visit upscale fast-food chains.
