Reported about 1 month ago
TGI Friday's Inc. is looking for financing as it prepares to file for bankruptcy protection in the coming weeks, driven by difficult market conditions including customers' tighter budgets and the rise of fast-casual dining. The company is negotiating with lenders for a loan to maintain operations during the Chapter 11 process, while also dealing with challenges stemming from prior breaches of its asset-backed securities obligations. The casual dining chain, which began in the 1960s, faces competition from models like Chipotle, and is following in the footsteps of other struggling brands like Red Lobster.
Source: YAHOO