TGI Fridays has closed down 30 of its locations in the United States after filing for Chapter 11 bankruptcy in November, as reported by Restaurant Business. These closures come on top of the approximately 100 closures that happened prior to the bankruptcy filing. As a result, the chain is now left with only 133 restaurants in the U.S., which is half of what it had at the end of 2023, according to Technomic data.
Several restaurants in New York, New Hampshire, Maryland, Massachusetts, and Ohio have recently closed down, according to local media reports. These closures have left many establishments with no choice but to make the difficult decision to shut down.
TGI Fridays, the Dallas-based chain, has been grappling with a decline in sales for several years now, resulting in a significant reduction of 55% in its U.S. locations since 2008. To restore stability, the company has taken a step towards recovery by selling nine of its company-owned restaurants to Mera Corp. for a substantial amount of $34.5 million.