A nationwide restaurant chain is submitting for chapter after closing its final location within the Syracuse space.
TGI Fridays filed for chapter 11 chapter safety Saturday in a Texas federal courtroom, based on the Related Press. The corporate stated it’s searching for to “make sure the long-term viability” of the informal eating model, blaming its monetary challenges on the Covid-19 pandemic “and our capital construction.”
The transfer comes every week after TGI Fridays abruptly closed its final Syracuse location, on the higher flooring at Future USA. The restaurant had been within the Syracuse mall since no less than 2017; one other TGI Friday’s closed at ShoppingTown Mall in 2016 after greater than 20 years.
“The subsequent steps introduced right now are tough however needed actions to guard one of the best pursuits of our stakeholders, together with our home and worldwide franchisees and our valued staff members all over the world,” stated TGI Fridays’ govt chairman Rohit Manocha in a press release.
In response to CNN, the chapter submitting impacts TGI Fridays’ mother or father firm, which operates 39 eating places, and never the franchisees that management its remaining places. All eating places are anticipated to function as regular in the course of the chapter course of, although some could shut or be offered as a part of the restructuring.
TGI Fridays was initially based in 1965 as a New York Metropolis bar on Manhattan’s Higher East Aspect earlier than rising to tons of of places that includes pink stripes decor, Tiffany-style lamps and menu choices like potato skins and ribs. Its bartenders famously skilled Syracuse native Tom Cruise for his position within the 1988 movie “Cocktail” and servers’ button-covered uniforms had been parodied within the 1999 comedy “Workplace House,” starring Jennifer Aniston and Ron Livingston.
At this time, TGI Fridays has 461 branded eating places globally. Its web site lists eight places in New York state, together with TGI Fridays in Clifton Park, Farmingville, Islip, Middletown, Riverhead, Valley Stream and Yonkers; initially of 2024, there have been greater than 20 places throughout the Empire State.
TGI Fridays peaked in 2008 with 601 eating places within the U.S. and $2 billion value of enterprise, based on the Related Press. Its gross sales within the U.S. had been $728 million in 2023, down 15% from the prior 12 months.
The AP notes that TGI Fridays joins different sit-down chain eating places which have struggled lately, partly as a result of Covid pandemic and elevated competitors from meals supply providers or extra quicker meals chains like Chipotle and Shake Shack. Purple Lobster and Denny’s have additionally not too long ago closed a number of places.