{"id":121525,"date":"2024-11-03T08:51:47","date_gmt":"2024-11-03T01:51:47","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=121525"},"modified":"2024-11-03T08:51:47","modified_gmt":"2024-11-03T01:51:47","slug":"tgi-fridays-files-for-bankruptcy-protection-as-sit-down-restaurant-struggles-continue","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=121525","title":{"rendered":"TGI Fridays files for bankruptcy protection as sit-down restaurant struggles continue"},"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>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Restaurant chain TGI Fridays filed for bankruptcy protection Saturday, saying it is looking for ways to \u201censure the long-term viability\u201d of the casual dining brand after closing many of its branches this year.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->The Dallas-based company&#8217;s Chapter 11 filing in a Texas federal court accelerates a gradual decline for an iconic chain that was once near the center of American pop culture but has seen its customer base dwindle as tastes changed.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->The company has boasted that its bartenders trained Tom Cruise for his role in the 1988 film \u201cCocktail.\u201d Its serving staff&#8217;s button-filled uniforms, meant to evoke a fun atmosphere, were later parodied in the 1999 satire \u201cOffice Space,\u201d starring Jennifer Aniston.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Rohit Manocha, executive chairman of TGI Fridays, said in a statement that the \u201cprimary driver of our financial challenges resulted from COVID-19 and our capital structure.\u201d<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Sit-down chain restaurants more broadly have faced challenges in recent years as diners choose to get food delivered or visit upscale fast-food chains like Chipotle and Shake Shack.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->In September a U.S. bankruptcy judge <a href=\"https:\/\/apnews.com\/article\/red-lobster-bankruptcy-ceo-d8ac849778b9252526107a0da09d2d08\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:approved a reorganization plan;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">approved a reorganization plan<\/a> for the seafood chain Red Lobster after years of mounting losses. Italian American food chain Buca di Beppo filed for bankruptcy protection in August.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Founded in 1965 as a bar on Manhattan&#8217;s Upper East Side, TGI Fridays expanded over the following decades to become a ubiquitous suburban gathering spot known for its ribs, potato skins topped with cheese and bacon, and a decor bedecked with red stripes and Tiffany-style lamps.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Its empire peaked in 2008 with 601 restaurants in the U.S. and a $2 billion business, according to Kevin Schimpf, director of industry research at Technomic. Its sales in the U.S. were $728 million in 2023, down 15% from the prior year, according to Technomic.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->It now counts 163 restaurants in the U.S., down from 269 last year. It closed 36 in January and dozens more in the past week.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->TGI Fridays Inc. said it only owns and operates 39 restaurants in the U.S., which is just a fraction of the 461 TGI Fridays-branded restaurants around the world. A separate entity, TGI Fridays Franchisor, owns the intellectual property and has franchised the brand to 56 independent owners in 41 countries. Those remain open.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->A United Kingdom-based franchisee, Hostmore, also sought debt protection in September and abruptly closed locations throughout that country after a failed takeover deal to acquire TGI Fridays.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->During the pandemic TGI Fridays made an effort to expand into the delivery market by making itself a hub for so-called ghost kitchens, which have no storefront and only prepare food for delivery. Among the major creditors owed money by TGI Fridays is the delivery service DoorDash, according to Saturday&#8217;s bankruptcy court filings.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Another iconic U.S. sit-down restaurant, <a href=\"https:\/\/apnews.com\/article\/dennys-closures-restaurants-68a38e40337f4650425c45069997b875\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Denny's, announced in October;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">Denny&#8217;s, announced in October<\/a> that it is closing 150 of its lowest-performing restaurants in an effort to turn around the brand\u2019s flagging sales.<!-- HTML_TAG_END --><\/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:\/\/finance.yahoo.com\/news\/tgi-fridays-files-bankruptcy-protection-161116233.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Restaurant chain TGI Fridays filed for bankruptcy protection Saturday, saying it is looking for ways to \u201censure the long-term viability\u201d of the casual dining brand after closing many of its &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=121525\" 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-121525","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/121525","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=121525"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/121525\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=121525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=121525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=121525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}