TGI Fridays has shuttered a further 30 locations since filing for bankruptcy in late 2024 — following the 100 it closed last year.
The iconic casual dining chain, best known for burgers, shakes, and flair-covered uniforms, is restructuring its debt after years of declining sales.
The latest wave of closures hit New York, New Hampshire, Maryland, Massachusetts, and Ohio.
Just 200 US locations remain open — and nine of those may soon be sold to Mera Corp., a restaurant operator involved in the ongoing bankruptcy process.
Despite the turmoil, the chain is marking its 60th birthday with a special anniversary menu includes two entrees for $19.65 and a commemorative Long Island Iced Tea.
Former CEO Ray Blanchette has also returned to lead the company and is back with a message of optimism.
'Over the past decade, our business, and the category-at-large, has faced challenges,' Blanchette — who was CEO from 2018 to 2023 before returning earlier this year — told Restaurant Drive.
Yet, the essence of Fridays — our culture, values, and people — remains strong.'
'We're bringing the fun back to Fridays, giving people more reasons to gather and celebrate,' Blanchette, who is also a franchisee of the chain, added.
Blanchette also hinted that more airport and in-hotel locations could be an area off growth for the brand post-bankruptcy.
In particular the TGI Fridays location in the Hilton Garden Inn in Hollywood, California is proving successful, according to Blanchette.
Founded in 1965, TGI Fridays sales and store locations peaked in 2008 with 601 U.S. restaurants and $2 billion in net revenue. At its height, the brand also boasted 300 international locations.
The downturn started in 2009 when the US entered a recession, leading to a sharp 24 percent drop in sales to $1.5 billion.
At the time, the company's restaurant count also fell, shrinking to 480 locations across the country.
Declines accelerated during the COVID-19 lockdowns in 2020. The restaurant reported further difficulties in 2021 with inflation squeezing the chain as food-away-from-home prices surged, according to the Consumer Price Index.
'The primary driver of our financial challenges resulted from COVID-19 and our capital structure,' Fridays' executive chairman, Rohit Manocha, said in a statement following the bankruptcy.
Fridays is far from the only casual dining chain struggling with sales in the post-pandemic era.
Several other national chains, including Red Lobster, World of Beer Bar & Kitchen, and BurgerFi also filed for Chapter 11 bankruptcy in 2024 as customers, rocked by inflationary pressures, flocked to incentive-laden meal deals.
