TGI Fridays abruptly closed almost 50 locations on Friday, Channel3000 reports. The news signals trouble for the chain, which has 164 remaining restaurants, with a reported bankruptcy looming.
The recent closures follow 36 in January affecting “underperforming” locations. Restaurants across several states — including Ohio, Missouri, California, New York, New Jersey, and Florida — have been impacted.
TGI Fridays will reportedly seek a buyer for a portion of its business through Chapter 11 so it can “emerge from bankruptcy with a smaller but still viable footprint.”
Among issues plaguing the company are its dwindling number of locations, lower-cost competition from fast food, and changing consumer preferences.
