TGI Fridays insolvency: Are more locations closing? Here’s what we recognize so far
TGI Fridays insolvency: Are more locations closing? Here’s what we recognize so far
TGI Fridays will live to view another day, at least while insolvency proceedings continue.
The casual dining goal filed for Chapter 11 insolvency protection over the weekend, calling the restructuring an chance for TGI Fridays’ “leave-forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their packed potential,” Rohit Manocha, the executive chairman of TGI Fridays Inc., said in a press release.
According to Manocha, the chain’s “financial challenges” were the outcome of the COVID-19 pandemic and their financing structure.
Thirty-nine corporation-owned TGI Fridays locations, included in the insolvency filing, will remain open and so will the hundreds of others the corporation owns in the U.S. and abroad. Restaurant locations owned and operated by third-event entity TGI Fridays Franchisor, LLC will also remain open.
According to CNN, TGI Fridays shuttered 50 locations last week before filing for Chapter 11 insolvency protection. The corporation had more than 270 locations worldwide before the closures. Now, there are a little more than 160 TGI Fridays locations across the country and internationally that are currently open.
TGI Fridays Franchisor has provided interim financing to TGI Fridays Incorporated to “to maintain back services for franchisees” while a “recent long-term back structure” is devised.
TGI Fridays did not immediately respond to request for comment from USA TODAY Monday.
Here’s what we recognize so far.
How many TGI Fridays locations closed in the US this year?
The first TGI Fridays location opened in Manhattan, recent York, in 1965.
In January, TGI Fridays closed 36 “underperforming” locations in 12 states, including in Massachusetts and recent Jersey.
The closures at that period were part of an “ongoing growth schedule” intended to make an “unprecedented chance for Fridays to drive forward its imagination for the upcoming,” Ray Risley, U.S. President and Chief Operating Officer at TGI Fridays, said in a statement.
TGI Fridays, which is privately owned by TriArtisan financing Advisors, also planned to appoint several recent top executives and planned to sell some of its restaurants back to its former CEO.
TGI Fridays has faced similar challenges to that of Red Lobster, which recently began its emergence from insolvency.
“The next steps announced today are challenging but essential actions to protect the best interests of our stakeholders, including our domestic and international franchisees and our valued throng members around the globe,” Manocha said.
TGI Fridays closures
California
- Fresno: 1077 E. Herndon Ave.
Colorado
- Longmont: 125 Ken Pratt Blvd.
- Denver: 8104 Northfield Blvd.
Connecticut
- Newington: 3025 Berlin Turnpike
Florida
- Ormond Beach: 24 Ocean Shore Blvd.
- Royal Palm: 580 N. State Road 7
Massachusetts
- Berlin/Marlborough: 601 Donald Lynch Blvd.
- Danvers: 49 Newbury St.
- Dedham: 750 Providence Highway
- Seekonk: 1105 Fall River Ave.
- Mansfield: 280 School St. Suite A100
- North Attleboro: 1385 S. Washington St.
Maryland
- Columbia: 8330 Benson Drive
- Bowie: 15207 Major Lansdale Blvd.
recent Hampshire
- Amherst: 124 NH-101A Ste. 28
recent Jersey
- Eatontown: 180 NJ-35 Ste. 6000
- Hackensack: 411 Hackensack Ave.
- Iselin/Woodbridge: 401 Gill Lane
- Wayne Town Center: 71 Route 23 South
- Marlton: 970 Rte. 73 N
- Princeton: 3535 US-1 #275
- Springfield: 40 US-22
recent York
- Albany: 1475 Western Ave.
- Bay Shore: 1725 Sunrise Highway
- Hauppauge: 3045 Expy Drive N.
- Massapequa: 5204 Sunrise Highway
- Woodbury Township: 5 Centre Dr.
Pennsylvania
- Willow Grove: 2500 W. Moreland Rd.
Texas
- Corpus Christi: 5217 S. Padre Island Dr.
- Houston/Almeda: 12895 Gulf Freeway
- North Arlington: 1524 N. Collins St.
- The Woodlands: 1105 Lake Woodlands Dr.
Virginia
- Springfield: 6751-B Frontier Dr.
- Woodbridge/Potomac Mills: 13237 Worth Ave.
- Fredericksburg: 1160 Carl D Silver Parkway
- Manassas: 7401 Sudley Rd.
Contributing: Natalie Neysa Alund and Reuters
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