TGI Fridays Inc., the casual dining restaurant chain, filed for Chapter 11 bankruptcy Saturday. The company said the COVID-19 pandemic was the “primary driver of our financial challenges,” in a recent statement. The Chapter 11 restructuring process will allow TGI Fridays “to proceed with an optimized corporate infrastructure that enables them to reach their full potential.”
“The next steps announced today are 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,” said Rohit Manocha, Executive Chairman of TGI Fridays Inc. in the statement.
