Washington:
Informal American eating chain TGI Fridays filed for Chapter 11 chapter on Saturday within the US state of Texas, an organization assertion stated.
The bar and grill chain — identified for serving up hamburgers, rooster wings and signature cocktails — stated its dozens of eating places in america and overseas would stay open to clients whereas the corporate makes use of the restructuring course of to “discover strategic options to be able to make sure the long-term viability of the model.”
TGI Fridays Inc, which filed for chapter, owns and operates 39 eating places in america.
Not included within the Chapter 11 course of are 56 franchise TGI Friday’s areas in america and 40 different nations, that are independently owned, the agency stated.
“The subsequent steps introduced right this moment are troublesome however obligatory actions to guard the perfect pursuits of our stakeholders, together with our home and worldwide franchisees and our valued crew members world wide,” government chairman Rohit Manocha stated within the assertion.
Manocha stated the Covid-19 pandemic and the corporate’s capital construction had been the first causes for its monetary points.
“This restructuring will enable our go-forward eating places to proceed with an optimized company infrastructure that permits them to achieve their full potential,” he stated.
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