New York
CNN
—
TGI Fridays, the bankrupt casual dining chain, has only 85 restaurants left in the United States, according to its website.
It’s a sharp decline of the once-iconic restaurant, which had about 270 US locations at the beginning of last year and has only seen its store count rapidly decline since. TGI Fridays’ parent company filed for Chapter 11 late last year and had 164 locations open, but it has kept closing locations during the bankruptcy process, with an additional 30 locations shuttering over the past month.
TGI Fridays didn’t directly comment to CNN about the closures but said in a statement that the company is “now led by franchisees, with a franchisee advisory board empowering and shaping brand-wide decisions.”
When it filed for bankruptcy in November 2024, the company said in a statement that fallout from the pandemic was the “primary driver of our financial challenges” and it will use the Chapter 11 process to “explore strategic alternatives in order to ensure the long-term viability of the brand.”
Since then, the company has sold dozens of restaurants to franchisees, including to Ray Blanchette, the former CEO of the chain, who returned to TGI Fridays in January to lead the beleaguered brand.
Blanchette is planning to reveal a revamped menu next month, with a focus on items that Gen Z love including “swicy” trends, fusion foods and a bigger emphasis on fresh-grilled steaks. In an interview with Business Insider, he also cited the chain’s strong international presence, which has about 400 locations, as a sign that TGI Fridays can still be relevant.
Still, it will be an uphill battle for TGI Fridays in the US, which had about 600 locations at its peak in 2008. Casual dining chains typically cater to lower and middle-income families looking for a sit-down meal, but diners are abandoning these companies as their disposable income shrinks.
That has forced a number of chains to file for bankruptcy in recent years, including Hooters, Bar Louie, Buca di Beppo and On the Border. Plus, sales at Denny’s, Applebee’s, Outback Steakhouse, Bonefish Grill, Red Robin and Cracker Barrel are dropping, and they are collectively shuttering hundreds of restaurants.
TGI Fridays got its start in 1965 in Manhattan as a place for singles to meet each other and was one of the first major chains to popularize the “happy hour” concept. The menu features a wide array of American comfort food staples, including chicken wings, potato skins and hamburgers.
Diners instantly recognize its kitschy interior with Tiffany-style lamps and big red booths, plus a big bar that’s usually the focal point of a TGI Fridays. And its service staff wore “flair,” or pins and other decorative pieces on their uniforms that became a joke on the 1999 film “Office Space.”
