• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Investing

TGI Fridays operator files for Chapter 11 bankruptcy amid financial woes

by November 4, 2024
written by November 4, 2024

TGI Fridays, an American casual dining chain, said on Saturday that it has filed for Chapter 11 bankruptcy protection after grappling with prolonged financial challenges and a collapsed deal with UK-based Hostmore.

In a filing with the U.S. bankruptcy court for the Northern District of Texas, the company listed both assets and liabilities in the range of $100 million to $500 million.

Privately owned by TriArtisan Capital Advisors, TGI Fridays has been a beloved dining destination since its inaugural bar opened in Manhattan, New York, over five decades ago, in 1965.

TGI Fridays, owner and operator of 39 domestic “Thank God it’s Friday!” restaurants, said it maintains operations across its corporate-owned ‘happy hour’ dining places in the U.S., adding that it has secured a financing commitment to support operations.

Rohit Manocha, executive chairman of TGI Fridays, said: “The primary driver of our financial challenges resulted from COVID-19 and our capital structure.

“This restructuring will allow our go-forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential.”

In September, British restaurant operator Hostmore dropped plans to buy TGI Fridays after it was removed as the manager of TGIF Funding, which owns the right to collect royalties from the restaurant chain franchise.

Hostmore, which operated TGI Fridays in Britain through its unit Thursdays (UK), saw its shares crash 90% after the news, and later announced its intention to enter administration, overwhelmed by debt.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Cushman & Wakefield reports strong Q3 results, beats estimates
next post
Brazil’s Itau Unibanco bumps up credit outlook after Q3 profit climbs 18%

You may also like

Divided Fed proposes rule to ease capital requirements...

June 26, 2025

Women’s Tennis Association extends media rights deal with...

June 26, 2025

Bumble shares jump 26% as dating company plans...

June 26, 2025

Small-business AI use is lagging, but one firm...

June 25, 2025

Nvidia CEO Huang sells $15 million worth of...

June 25, 2025

How Fanatics is teaching business acumen to pro...

June 24, 2025

Walmart to pay $10 million to settle lawsuit...

June 23, 2025

Apple sued by shareholders who allege it overstated...

June 23, 2025

Tesla agrees to first deal to build China’s...

June 21, 2025

Oil prices rise more than 1% as Israel...

June 20, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Ukraine may consider Russian gas transit if Moscow not paid during war
    • Warren Buffett — worried about impersonators — says he doesn’t endorse candidates or investments

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy