WASHINGTON: American casual dining chain TGI Friday filed for Chapter 11 bankruptcy on Saturday in the US state of Texas, according to a statement from the company.
The company said its U.S. and foreign restaurants will remain open while the company uses the restructuring process to “explore strategic alternatives to ensure the 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 U.S. 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 the main reasons for its financial problems.