TGI Fridays, the renowned casual dining chain, filed for Chapter 11 bankruptcy protection in the Northern District of Texas this week as it grapples with financial challenges exacerbated by the pandemic and shifting consumer demands, Newsweek reported.
The move, aimed at restructuring its finances and supporting operations, arrives as the 59-year-old chain contends with the challenges facing the restaurant industry post-pandemic. The filing affects 39 corporate-owned locations, while the brand’s domestic and international franchise network will continue operations unaffected.
The bankruptcy announcement follows a recent wave of restaurant closures.
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