{"id":121380,"date":"2024-11-02T23:42:46","date_gmt":"2024-11-02T16:42:46","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=121380"},"modified":"2024-11-02T23:42:46","modified_gmt":"2024-11-02T16:42:46","slug":"tgi-fridays-files-for-bankruptcy-2","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=121380","title":{"rendered":"TGI Fridays files for bankruptcy"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p>\n    <cite class=\"source__cite\"><br \/>\n      <span class=\"source__location\" data-editable=\"location\">New York<\/span><br \/>\n      <span class=\"source__text\" data-editable=\"source\">CNN<\/span><br \/>\n        \u00a0\u2014\u00a0<br \/>\n    <\/cite>\n<\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm2lxeisx003i26nl80px9843@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            TGI Fridays Inc., the American casual dining chain, filed for Chapter 11 bankruptcy protection Saturday.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30buwja00033b6mzvx0qqgp@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The company said in a <a href=\"https:\/\/tgifridays.com\/wp-content\/uploads\/2024\/11\/TGI-Fridays-Inc-Files-Voluntary-Chapter-11-Petitions-.pdf\" target=\"_blank\" rel=\"noopener\">statement<\/a> that fallout from the Covid-19 pandemic was the \u201cprimary driver of our financial challenges\u201d and it will use the Chapter 11 process to \u201cexplore strategic alternatives in order to ensure the long-term viability of the brand.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30c01t2000i3b6mlaqg058v@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            \u201cThe 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,\u201d Rohit Manocha, TGI Fridays\u2019 executive chairman, said in a statement.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30c2v1k000o3b6mvvi8omc8@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            The bankruptcy affects TGI Fridays\u2019 parent company, which operates 39 restaurants, and not the franchisees that control the remaining locations. The company has secured financing so all restaurants will operate as usual while it navigates the bankruptcy process.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30ca6y3000w3b6mqp0x5fhj@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            TGI Fridays has \u201cstopped the clock on payments of this month\u2019s rent to landlords and other vendors, giving them breathing room to restructure,\u201d John Bringardner, head of Debtwire, told CNN. He added that the parent company \u201cwill likely have to close or sell unprofitable locations as part of the restructuring.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30btyep00003b6msttaojxj@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            TGI Fridays got its start in 1965 in Manhattan as a place for singles to meet each other and was one of the first major chains to popularize the \u201chappy hour\u201d concept. The menu features a wide array of American comfort food staples, including chicken wings, potato skins and hamburgers.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30buxg400063b6msf5pdyvl@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            Diners instantly recognize its kitschy interior with Tiffany-style lamps and big red booths, plus a big bar that\u2019s usually the focal point of a TGI Fridays. Plus, its service staff wore \u201cflair,\u201d or pins and other decorative pieces on their uniforms that became a joke on the 1999 film \u201cOffice Space.\u201d\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30buxg400073b6ma6hewefs@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            TGI Fridays never fully recovered from the pandemic, which shuttered indoor dining at restaurants for several months. That, plus inflationary pressure on its middle class customers created a financial mess for the nearly six-decade-old chain.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30buxg400083b6mf6ncg3y8@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            In <a href=\"https:\/\/www.cnn.com\/2024\/01\/04\/food\/tgi-fridays-closures\/index.html\">January 2024<\/a>, TGI Fridays abruptly shut down dozens of locations around the United States and has quietly kept closing restaurants. Last week, it shuttered 50 locations bringing its count down to 163. Prior to that wave of closures this year, TGI Fridays had about 270 US locations.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30buxg400093b6m5298sfkw@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            TGI Fridays is privately owned by TriArtisan Capital Advisors, a private equity firm, so financial results aren\u2019t released. However, the company said last year that total sales were projected to reach $1.6 billion in 2022 with same-store US sales growing at 8% compared to 2019.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30buxg4000a3b6m320d85yo@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            It also changed its menu to keep up with its rivals, notably Applebee\u2019s and <a href=\"https:\/\/www.cnn.com\/2024\/10\/30\/food\/chilis-earnings\/index.html\">Chili\u2019s<\/a>, by adding sushi, refreshing its cocktail menu and giving its appetizer selection a makeover.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30buxg4000b3b6m04ytq1vu@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            In September, TGI Fridays\u2019 operations in the United Kingdom also ran into trouble. A proposed acquisition by its UK franchisee fell through and it went bankrupt. It\u2019s in the process of closing dozens of restaurants in the region and causing 1,000 job losses.\n    <\/p>\n<p class=\"paragraph inline-placeholder vossi-paragraph\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cm30buxg4000c3b6mxfloswdo@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n            TGI Fridays joins Red Lobster and Buca di Beppo chains, both of which filed for Chapter 11 bankruptcy protection in recent months. However, the latter emerged from bankruptcy and has tapped a <a href=\"https:\/\/www.cnn.com\/2024\/10\/04\/business\/red-lobster-ceo-restaurants\/index.html\">P.F. Chang\u2019s executive<\/a> to turn the business around.\n    <\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnn.com\/2024\/11\/02\/food\/tgi-fridays-bankruptcy\/index.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York CNN \u00a0\u2014\u00a0 TGI Fridays Inc., the American casual dining chain, filed for Chapter 11 bankruptcy protection Saturday. The company said in a statement that fallout from the Covid-19 &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=121380\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-121380","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/121380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=121380"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/121380\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=121380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=121380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=121380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}