TGI Fridays Files Voluntary Chapter 11

4 Min Read By MRM Staff

TGI Fridays Inc.  filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the Northern District of Texas on November 2.

In a statement, the owner and operator of 39 domestic restaurants in the casual dining chain, says its expects to use the time and legal protections made available through the Chapter 11 restructuring process to allow the company to explore strategic alternatives in order to ensure the long-term viability of the brand. 

"The next steps announced today are difficult but necessary actions to protect the best interests of our stakeholders, including our domestic and international franchisees and our valued team members around the world," said Rohit Manocha, Executive Chairman of TGI Fridays Inc. "The primary driver of our financial challenges resulted from COVID-19 and our capital structure. This restructuring will allow our go- forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full…