TGI Friday Blames Covid

Casual American dining chain TGI Fridays filed for Chapter 11 bankruptcy yesterday in the US state of Texas. The bar and grill chain — known for serving up hamburgers, chicken wings and signature cocktails — said its dozens of restaurants in the United States and abroad would remain open to customers while the company uses the restructuring process to “explore strategic alternatives in order to ensure the long-term viability of the brand.”

TGI Fridays Inc, which filed for bankruptcy, owns and operates 39 restaurants in the United States. Not included in the Chapter 11 process are 56 franchise TGI Friday’s locations in the United States and 40 other countries, which are independently owned, the firm said.

Manocha said the Covid-19 pandemic and the company’s capital structure were the primary reasons for its financial issues.