Restaurant Chain TGI Fridays Files for Bankruptcy

Reuters is reporting that TGI Fridays, an American casual dining chain, has filed for Chapter 11 bankruptcy protection.

This, after grappling with prolonged financial challenges and a collapsed deal with UK-based Hostmore.

In a filing with the US bankruptcy court for the Northern District of Texas, the company listed both assets and liabilities in the range of 1-hundred to 5-hundred million dollars.

Privately owned by TriArtisan Capital Advisors, TGI Fridays has been a beloved dining destination since its inaugural bar opened in Manhattan, New York in 1965.

TGI Fridays, owner and operator of 39 domestic “Thank God it’s Friday!” restaurants, said it maintains operations across its corporate-owned ‘happy hour’ dining places in the US, adding that it has secured a financing commitment to support operations.