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Report
TGI Fridays files for Chapter 11 bankruptcy
The Street
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11/4/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and bad news for TGI Fridays fans.
Category
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Sports
Transcript
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00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the street today.
00:04
The Dow Jones Industrial Average is getting a makeover of sorts.
00:08
Intel is getting kicked out of the venerable index to make way for NVIDIA.
00:13
Intel is down 55% year to date, while NVIDIA is up 177%.
00:19
Dow Chemical is out as well, while Sherman Williams is in.
00:23
All this, effective November 8th.
00:25
Tuesday, of course, is Election Day, but investors will have other things to watch first.
00:30
There's the ISM Services Index and quarterly results from Yum! Brands,
00:34
the parent of KFC, Taco Bell, and Pizza Hut.
00:38
Speaking of food, TGI Fridays is the latest fallout from the lasting effects of the pandemic.
00:45
The company filed for Chapter 11 bankruptcy protection in order to begin a, quote,
00:49
restructuring process that it hopes will ensure the, quote, long-term viability of the brand.
00:55
The casual dining chain, which has been around since 1965,
00:59
has been unable to bounce back after the pandemic curtailed eating out.
01:04
And then inflation forced diners to search for cheaper food options.
01:08
That put TGI Fridays in a precarious situation, given its large real estate footprint.
01:14
The company owns 39 restaurants in the U.S.
01:17
and plans to keep all of them open during the process.
01:20
There are another 56 independently owned TGI Friday locations in the U.S.
01:25
that are not part of the bankruptcy process.
01:28
There are a total of 461 TGI Fridays around the world.
01:33
According to the bankruptcy filing, company assets and liabilities are roughly equal
01:38
at around $100 million to half a billion dollars.
01:41
TGI Fridays is not alone in its woes.
01:45
Red Lobster is in bankruptcy protection.
01:47
Meanwhile, Wendy's announced it will close an additional 140 fast food locations
01:52
by the end of 2024, on top of the 100 already announced.
01:59
That'll do it for your daily briefing from the New York Stock Exchange.
02:01
I'm Conway Giddens with The Street.
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