TGI Fridays, a prominent casual dining chain with a rich 50-year history, has filed for Chapter 11 bankruptcy. This decision aims to facilitate a comprehensive restructuring of the brand amid ongoing financial difficulties.
The challenges stem largely from the impacts of COVID-19, rising inflation, and an unsustainable capital structure. TGI Fridays Franchisor, LLC, which oversees the brand's franchise operations globally, has secured debtor-in-possession financing to maintain operational stability and support its franchisees.
Despite the bankruptcy, many franchised locations remain unaffected, as the company seeks to navigate this tumultuous period and emerge stronger.
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