Popular restaurant chain TGI Fridays has filed for bankruptcy in the United States due to prolonged financial struggles and a collapsed deal with UK-based Hostmore. Owned by TriArtisan Capital Advisors, TGI Fridays filed for Chapter 11 bankruptcy protection.
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TGI Fridays Files for Bankruptcy Amid Financial Struggles
The company reported assets and liabilities between USD100 million and USD500 million. Despite the filing, TGI maintains operations in its 39 US restaurants, securing financing to support them.
Executive Chairman Rohit Manocha cited COVID-19 and capital structure as the main financial issues. Meanwhile, Hostmore’s plan to buy the chain was dropped, leading to the closure of 35 UK restaurants and over 1,000 job losses.
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