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☆ TGI Friday's Bankruptcy: Changing Tastes, Wall Street Crushed Chain
▼ + stars: | 2024-11-21 | by ( Emily Stewart | ) www.businessinsider.com time to read: +11 min

The hundreds of TGI Fridays franchises across 41 countries are independently owned entities and, therefore, not part of the bankruptcy process. AdvertisementIf you're a TGI Fridays lover, that means you can still go to the one nearby if you want. Like companies in a similar situation, the story of TGI Fridays is one of slow decline before an accelerated crash. In addition to grappling with changing tastes, TGI Fridays has also been subject to another trend in the restaurant business: private equity financial maneuvering. It can always be Friday anywhere, not just TGI Fridays, and maybe at a better price point or nicer experience.

Persons: Ray Blanchette, Brandon Coleman III, Coleman, Weldon Spangler, It's, Jonathan Maze, Tom Cruise, Ruby, Chili's, You've, they'll, who'd, Burt, hasn't, There's, John Bringardner, Bringardner, that's, Ragini, Alicia Kelso, Kelso, TriArtisan, Hostmore, I'm, Emily Stewart Organizations: Street, Restaurant Business, Buffalo Wild Wings, NFL, Strategic Resource, — TriArtisan Capital Advisors, Sentinel Capital Partners —, Sentinel, Citibank, SEC, FTI Consulting, Creditsafe, Hooters, Business Locations: Beppo, New York, Olive, Nation's

☆ TGI Friday’s operator files for Chapter 11 bankruptcy amid financial woes
▼ + stars: | 2024-11-02 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +1 min

TGI Fridays, an American casual dining chain, said on Saturday that it has filed for Chapter 11 bankruptcy protection after grappling with prolonged financial challenges and a collapsed deal with UK-based Hostmore. Privately owned by TriArtisan Capital Advisors, TGI Fridays has been a beloved dining destination since its inaugural bar opened in Manhattan, New York, over five decades ago, in 1965. TGI Fridays, owner and operator of 39 domestic “Thank God it’s Friday!” restaurants, said it maintains operations across its corporate-owned ‘happy hour’ dining places in the U.S., adding that it has secured a financing commitment to support operations. Rohit Manocha, executive chairman of TGI Fridays, said: “The primary driver of our financial challenges resulted from COVID-19 and our capital structure. Hostmore, which operated TGI Fridays in Britain through its unit Thursdays (UK), saw its shares crash 90% after the news, and later announced its intention to enter administration, overwhelmed by debt.

Persons: God, Rohit Manocha, ” Organizations: U.S, Northern, Northern District of, TriArtisan Capital Advisors Locations: American, Northern District, Northern District of Texas, Manhattan , New York, U.S, COVID, British, Britain

☆ TGI Fridays to go public through merger with its U.K. franchisee
▼ + stars: | 2024-04-16 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

TGI Fridays logo is seen on one of their branches. TGI Fridays and Hostmore, the chain's U.K. franchisee, announced plans to merge on Tuesday. If it closes, TGI Fridays, best known for its potato skins, chicken wings and endless appetizers, will be publicly traded on the London Stock Exchange under the ticker "TGIF." In 2022, TGI Fridays' revenue rose 3.6% to $75.2 million, according to U.S. franchise disclosure documents. Earlier this year, TGI Fridays closed 36 underperforming restaurants in the U.S.

Persons: Weldon Spangler, Spangler, Carlson, TriArtisan Organizations: London Stock Exchange, TriArtisan Capital Advisors, U.S Locations: Dallas , Texas, U.S, P.F

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