WASHINGTON: Casual American dining chain TGI Fridays filed for Chapter 11 bankruptcy Saturday in the US state of Texas, a company statement said.
The company said its restaurants in the US and abroad would remain open while the company uses the restructuring process to “explore strategic alternatives in order to ensure long-term viability of the brand.” TGI Fridays Inc, which filed for bankruptcy, owns and operates 39 restaurants in the US. Not included in the Chapter 11 process are 56 franchise locations in the US and 40 countries, which are independently owned, the firm said.
Executive chairman Rohit Manocha said the Covid-19 pandemic and the company’s capital structure were primary reasons for its financial issues.
