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TGI Friday’s is bankrupt
Fortune
Follow
11/4/2024
TGI Friday’s is the latest casual dining chain to go bankrupt.
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Tech
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00:00
TGI Fridays has officially gone bankrupt.
00:03
The chain filed for bankruptcy on November 2nd, citing financial challenges that resulted
00:07
from COVID-19 and their capital structure.
00:10
The company is trying to work out options to continue funding its restaurants in the
00:13
meantime, but listed both assets and liabilities between $100 million and $500 million.
00:20
Founded in 1965, TGI Fridays operated 601 restaurants in the US during its peak in 2008,
00:28
but now only has 163 restaurants, not including the hundreds of TGI Friday-themed restaurants
00:34
around the world.
00:35
And they're not the only restaurant to have recently declared bankruptcy.
00:38
Red Lobster, Buca di Beppo, Tijuana Flat, and Rubio's Coastal Grill are a few chains
00:43
who are feeling the pressure as consumers switch to cheaper options or eating at home.
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