Things don’t appear to be going great for TGI Fridays.
Amid bankruptcy rumors, the long-running restaurant chain closed a big chunk of its TGI Fridays this week. Nearly 50 locations permanently closed, representing nearly one-quarter of all of the company’s restaurants, according to CNN. The closures were primarily in California, New York, and New Jersey.
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TGI Fridays restaurants have actually been shutting down across the county all year. At the start of 2024, there were 270 TGI Fridays locations. Now, there’s just 164.
With bankruptcy reportedly looming, TGI Fridays is seeking ways alternative financing methods to stay afloat, according to Bloomberg.
TGI Fridays was founded in 1959 with its first location in The Big Apple. Reports on the company’s dire finances cited rising food costs, customers’ preference for faster, cheaper food, and the still-lingering effects of COVID-19 closures. Red Lobster is another example of a once-popular chain having to file for bankruptcy this year.
It’s just become so damn expensive to consistently eat out at restaurants, so sadly news like this will likely continue to catch headlines in the coming months and years.
