TGI Friday's Inc. filed for Chapter 11 bankruptcy protection on November 2.
Manocha said the "primary driver" of TGI Friday's financial struggles "resulted from COVID-19 and our capital structure."
Few customers want to spend time and money at a casual dining restaurant, and many of them are dated."
AdvertisementAhead of Saturday's announcement, TGI Friday's had faced a string of location closures as pressure on the business mounted.
Business Insider has contacted TGI Friday's for comment.
Persons:
—, Rohit Manocha, Manocha, Tim Powell, Powell, Friday's, TGI Friday's
Organizations:
Friday's Inc, Service, Inc, Northern District of Texas
Locations:
Northern District, COVID, sameness