Reported 2 months ago
TGI Fridays, the popular American casual dining chain, has filed for Chapter 11 bankruptcy protection after facing ongoing financial difficulties and a failed acquisition by UK-based Hostmore. The company reported assets and liabilities between $100 million and $500 million in a Texas bankruptcy court, while planning to continue operations at its corporate-owned locations. Executive chairman Rohit Manocha attributed the financial struggles primarily to the impacts of COVID-19 and the current capital structure, stating that restructuring will allow for an optimized corporate framework moving forward.
Source: YAHOO