another one The iconic restaurant chain is in financial trouble. TGI Fridays just announced that they have filed for Chapter 11 bankruptcy protection. This comes after the beloved chain closed hundreds of locations last year. As of January 2024, TGI Fridays had closed 36 locations in 12 states.

In his statement, TGI Fridays Chief Executive Officer Rohit Manocha mentioned that the death behind the bankruptcy announcement was COVID-19.

“The primary cause of our financial challenges has been due to COVID-19 and our capital structure. This restructuring will allow our forward-looking restaurants to move forward with an optimized corporate infrastructure that allows them to reach their full potential,” Manocha said.

Although the bankruptcy will affect 39 locations in the U.S., luckily all franchise locations will remain open in the U.S. and abroad. So if you think it’s time for a night out, you can still enjoy the iconic venues. potato peelingsMozzarella sticks and burgers are at your nearest location.

In the press release, Manocha also drew attention to his statement about what awaits the series in the future. “The next steps announced today are difficult but necessary actions to best protect the interests of our stakeholders, including our domestic and international dealers and valued team members around the world,” he said.