Restaurant chain TGI Fridays files for bankruptcy protection

Summary

TGI Fridays filed for Chapter 11 bankruptcy. The once-popular sit-down restaurant has faced declining customer interest, reflecting a broader trend impacting casual dining. With just 163 U.S. locations—down from 269 last year—the chain has closed numerous outlets and seen U.S. sales drop to $728 million in 2023. While TGI Fridays operates only 39 U.S. locations directly, global franchised locations remain unaffected, with independent operators managing 461 restaurants across 41 countries under a separate franchising entity.