2024-11-06 23:55:09
Business
Economy

TGI Fridays Enters Bankruptcy for Restructuring

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.

The Street
6. November 2024 um 12:46

TGI Fridays blames pandemic for bankruptcy TheStreet Daily Newsletter

Economy
TGI Fridays filed for Chapter 11 bankruptcy, owning 39 US restaurants of 461 worldwide; Wendy's to close 140 more locations by 2024; Red Lobster also in bankruptcy; Dow Chemical out, Sherwin-Williams in, and Nvidia replacing Intel in Dow Jones Industrial Average; investors to watch ISM services index, Yum Brands quarterly results, and Election Day.
The Street
6. November 2024 um 14:46

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
6. November 2024 um 17:30

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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