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☆ TGI Fridays files for bankruptcy
  + stars: | 2024-11-02 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +3 min
New York CNN —TGI Fridays Inc., the American casual dining chain, filed for Chapter 11 bankruptcy protection Saturday. The bankruptcy affects TGI Fridays’ parent company, which operates 39 restaurants, and not the franchisees that control the remaining locations. TGI Fridays is privately owned by TriArtisan Capital Advisors, a private equity firm, so financial results aren’t released. In September, TGI Fridays’ operations in the United Kingdom also ran into trouble. TGI Fridays joins Red Lobster and Buca di Beppo chains, both of which filed for Chapter 11 bankruptcy protection in recent months.
Persons: ”, “, Rohit Manocha, ” John Bringardner, Tiffany, aren’t Organizations: New, New York CNN, CNN, TriArtisan Capital Advisors, It’s Locations: New York, Manhattan, United States, United Kingdom
☆ TGI Fridays abruptly closes dozens more locations as a reported bankruptcy nears
  + stars: | 2024-10-28 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN —Nearly 50 locations of TGI Fridays abruptly closed within the past week, an ominous sign for the chain as a reported bankruptcy looms. According to TGI Fridays’ store locator, the chain has 164 restaurants remaining as of Monday — a sharp decline from the 213 that were open last week. TGI Fridays didn’t immediately respond to a request for comment about the closures, and a list of the affected locations was not released. At the beginning of the year, TGI Fridays had 270 US locations. The closures come amid reports that TGI Fridays is about to file for bankruptcy.
Persons: John Evans, Evans Organizations: New, New York CNN, Bloomberg, Hawthorn Advisors, CNN Locations: New York, California , Ohio, New York , New Jersey, Florida, Missouri, Columbus , Ohio, Buffalo , New York, Beppo
☆ Store closings have hit their highest level in years. Competition and higher prices crushed them
  + stars: | 2024-10-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +8 min
“It kept these players alive that couldn’t survive in normal situations.”Competition from juggernauts like Amazon, Walmart, Costco, Home Depot and other big-box retailers has also squeezed smaller chains. In 2017 and 2018, retailers closed a combined 13,400 stores, according to Coresight. Retailers closed a record 9,800 stores in 2019. Around 9,700 stores closed in 2020, according to Coresight. Drug store chains are also shrinking.
Persons: —, ”, Michael Brown, Kearney, ” Brown, Barbara Kahn, Charlotte Russe, Shopko, Ted Decker, Joann Fabric, Denny’s, Kelli Valade, Justin Sullivan, Amazon’s, It’s, ” Kahn, TJ Maxx, TJX Organizations: New, New York CNN, Walgreens, Research, Companies, Consumers, “, Walmart, Costco, Home, ” Retailers, United, University of Pennsylvania’s Wharton School, Coresight, Retailers, Sears, P Global Market Intelligence, CVS, Aid, Marshalls, Aldi Locations: New York, “, Amazon, United States, Gymboree, JCPenney, Tijuana, HomeGoods
☆ Restaurant chain BurgerFi files for Chapter 11 bankruptcy protection
  + stars: | 2024-09-11 | by ( Amelia Lucas | ) www.cnbc.com   time to read: +1 min
BurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had "substantial doubt" about its ability to operate. The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo. Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates. BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing. For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million.
Persons: BurgerFi Organizations: Anthony's, Wings Locations: Arlington , Virginia
☆ BurgerFi files for Chapter 11 bankruptcy
  + stars: | 2024-09-11 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +3 min
New York CNN —Fast casual chain BurgerFi filed for Chapter 11 bankruptcy Wednesday after months of reporting financial distress. BurgerFi, filing for bankruptcy protection in the U.S. District Court for the District of Delaware, said all of its corporate locations will operate normally. Franchise-owned locations are exempt from the bankruptcy filing, the company said in a press release. A common route is Chapter 11 bankruptcy, which allows the company to solve its financial problems through reorganization. According to the bankruptcy filing Wednesday, BurgerFi estimates it had between $100 million and $500 million in liabilities, but only $50 million to $100 million in assets.
Persons: Burger, BurgerFi, andexpected, “, ”, Jeremy Rosenthal, ” BurgerFi Organizations: New, New York CNN, District of, Anthony’s Locations: New York, McDonald’s, U.S, District of Delaware, Florida
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