TGI Fridays, a relaxed National restaurant chain in Texas, filed for Chapter 11 bankruptcy on Saturday, according to a business statement.
The business said that while the business uses the restructuring process to “explore strategic choices in order to maintain long-term viability of the brand,” its restaurants in the US and overseas would continue to be available. TGI Fridays Inc, which filed for bankruptcy, owns and operates 39 cafes in the US. Not included in the Book 11 method are 56 franchise areas in the US and 40 countries, which are individually owned, the agency said.
The Covid-19 crisis and the company’s capital structure, according to professional chair Rohit Manocha, were the main causes of the company’s financial problems.
