2024-11-06 23:55:09
Business
Economy
TGI Fridays Enters Bankruptcy for Restructuring
The press radar on this topic:
The Street
Iconic casual restaurant chain files for Chapter 11 bankruptcy TheStreet Daily Newsletter
Economy
Finance
Iconic casual dining chain TGI Fridays files Ch. 11, citing pandemic, inflation, rising costs; closed 39 corporate US locations, 122 franchised US and 316 international franchised units unaffected. Sought $23.9M DIP financing. Other chains like BurgerFi International, EYM Pizza, Miracle Restaurant Group also filed. TGI Fridays' UK franchisee Hostmore entered administration; Brazil franchisee SouthRock filed Ch. 15. Citibank terminated TGI Fridays' management authority. Prominent chain Red Lobs..
Yahoo News
This Legendary Restaurant Just Filed for Bankruptcy—Here's What's Going On
Economy
TGI Friday's, a 50-year-old casual dining chain, has filed for Chapter 11 bankruptcy to restructure the brand; the TGI Friday's brand and intellectual properties are owned by TGI Fridays Franchisor, LLC, which has franchised the brand to 56 franchisees in 41 countries; TGI Fridays Franchisor, LLC has negotiated a Transition Services Agreement to provide interim funding and maintain support for franchisees, and the company has secured debtor-in-possession financing to support operations; Execut..
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