One of the most famous casual dining restaurant chains in America has filed for bankruptcy.
TGI Fridays, a staple of strip malls around the country for decades, filed for Chapter 11 bankruptcy in Texas on Saturday. In a statement, the company’s chairman said the move was part of “difficult but necessary actions to protect the best interests of our stakeholders, including our domestic and international franchisees and our valued team members around the world.”
At its peak in the 2000s, the company had over 600 restaurants worldwide and generated more than $2 billion in revenue. But chains like TGI Fridays have struggled ever since the Covid pandemic, as dine-in restaurants have struggled to compete with counter service chains and places that work more closely with delivery apps like Uber Eats. In recent months, other casual dining chains like Red Lobster have also filed for bankruptcy.
The chain was founded in 1965 as a single tavern on the East Side of Manhattan. As it expanded it became ubiquitous — and occasionally satirized. In Mike Judge’s cult comedy Office Space, Jennifer Aniston’s character worked as a waitress in a restaurant called Chotchkie’s, whose knickknack decor, and uniform of striped shirt and suspenders covered with buttons were unmistakably spoofing the design and vibes of a TGI Fridays.
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At present, the bankruptcy only directly affects Fridays’ parent company. Restaurants that are franchised from the company should stay open and continue operating during the bankruptcy.
That said, it’s entirely possible other restaurants may close. The TGI Fridays at the Destiny USA mall in Syracuse, New York closed in late October with no warning — just a handful of days before the larger company filed for bankruptcy.
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