TGI Fridays files for bankruptcy as closures continue nationwide

In an attempt to pay off massive debt, TGI Fridays filed for bankruptcy despite efforts to stave off financial collapse by closing underperforming locations.

The chain, saddled with between $100 million and $500 million in debt, cited COVID-19 and existing capital issues as the main reasons for its financial troubles.

Executive Chairman Rohit Manocha called the bankruptcy a “difficult but necessary” step to protect stakeholders, including franchisees and employees around the world.

While the fate of its 164 U.S. restaurants remains uncertain, the chain, along with other brands such as Denny’s and Red Lobster, faces industry-wide financial challenges.

FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been providing information to residents for over two decades. Any clue? Send it to (email protected).