Food & Beverage
TGI Friday’s files for bankruptcy on November 2
TFW Bureau
Nov 11, 2024 - 1 min read
TGI Friday’s Inc. filed for Chapter 11 bankruptcy on November 2, citing struggles with cost-conscious consumers and competition.
TGI Friday's has become the latest restaurant chain casualty, filing for Chapter 11 bankruptcy in Texas on November 2, according to a Bloomberg report.
The casual dining restaurant chain said it is facing challenges from changing consumer habits amid a cost-of-living crisis and increased competition from fast food options, the report added.
Earlier on October 31, Reuters reported that TGIF was "running out of funds to meet its debt obligations". It cited an independent auditor's statement on the restaurant in June 2024, as reported by the Wall Street Journal.
In a filing with the U.S. bankruptcy court for the Northern District of Texas, the company listed both assets and liabilities in the range of $100 million to $500 million, according to reports.
Privately owned by TriArtisan Capital Advisors, TGI Fridays has been a beloved dining destination since its inaugural bar opened in Manhattan, New York, in 1965.
