This Iconic Restaurant Has Only 85 Locations Left
Once upon a time, TGI Fridays was one of the most thriving chain restaurants in the United States. First opening in Manhattan in 1965 as a place for singles to congregate during happy hour, the burgers, wings, and potato skins-centric spot quickly expanded across the country, becoming an iconic American establishment. However, in recent years, the restaurant has been majorly struggling, quietly closing multiple locations. This week, it was revealed that there are only 85 TGI Fridays left in the whole country.
TGI Fridays Went From 270 to 85 US Locations in a Year
According to CNN and the TGI Fridays website, the once-thriving chain has closed hundreds of locations in the past year. At the beginning of 2024, there were 270 US locations; currently, only 85 remain open and operating.
It Filed for Chapter 11 in November
In November 2024, TGI Friday's filed for Chapter 11 bankruptcy. However, the chain remained hopeful and maintained that the bankruptcy only impacted its 39 company-owned locations. At the time, they confirmed it had secured funding to keep those restaurants operational throughout the process.
It Was Hit Hard by the Pandemic
In a statement at the time, the company said 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."
30 Locations Closed in a Month
At that time, there were 164 locations open, but they have continued closing restaurants over the past few months. In the past month alone, 30 more have closed.
The Company Is Led by Franchisees
In a statement, the company revealed it is "now led by franchisees, with a franchisee advisory board empowering and shaping brand-wide decisions." One of those franchises is Ray Blanchette, the former CEO of the chain, who returned to TGI Fridays in January to lead the brand.
They Are Revamping Their Strategy
"Celebration is kind of at the heart of everything we do. And so we're trying to reengage our team members by giving them food that they're prouder to serve," he told Business Insider. "We're stopping the conversations and the distractions around the bankruptcy and getting focused on remembering that the jobs that we create around the globe change people's lives."
And, Making Menu Changes
He is also revamping the menu, focusing on attracting a new demographic. "This is a generation with a very high food IQ, and I think they tend to be more food curious," he said. "They'll try spices from abroad even if they don't know exactly what the flavor is until they try it. And so we think innovation is especially important for this younger generation."
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