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.
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