PREVIEW

Financial Woes Lead TGI Fridays U.S. Arm to Bankruptcy Filing. TGI Fridays’ American branch has filed for bankruptcy protection in the U.S., impacted by the COVID-19 pandemic and a failed sale to its UK counterpart. The Dallas-based division, which runs 39 locations nationwide, stated that these restaurants will remain open thanks to secured funding for operations. In a filing with the Texas bankruptcy court, the company reported assets and liabilities between $100 million and $500 million. Executive Chairman Rohit Manocha attributed financial difficulties to the pandemic and an unsustainable capital structure, noting that the restructuring will help streamline operations. Globally, TGI Fridays has 461 locations, with the U.S. arm representing a small portion.
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