The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

TGI Fridays operator files for Chapter 11 bankruptcy amid financial woes

by admin November 5, 2024
November 5, 2024
TGI Fridays operator files for Chapter 11 bankruptcy amid financial woes

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
FacebookTwitterGoogle +Pinterest
previous post
These S&P 500 Stocks Are Poised To Outperform!
next post
Boeing strike ends after machinists approve new labor contract with 38% wage increases

Related Posts

‘Inside Out 2’ tops $1 billion at the...

July 1, 2024

Bruce Nordstrom, who helped grow family-led department store...

May 20, 2024

Some Walmart garment orders from Bangladesh on hold...

July 14, 2025

JPMorgan Chase is opening more small-town branches in...

August 7, 2024

Judge allows lawsuit over Burger King’s Whopper ads...

May 8, 2025

Boeing’s Starliner losses top $2 billion after spacecraft...

February 6, 2025

Chick-fil-A asks customers to throw out Polynesian sauce...

March 7, 2024

Union Pacific to buy Norfolk in $85 billion...

July 30, 2025

Star real estate agents Alexander brothers arrested in...

December 13, 2024

Nvidia says Anthropic is telling ‘tall tale’ in...

May 2, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Ben & Jerry’s co-founder resigns, claiming parent company Unilever ‘silenced’ its campaigning

      October 10, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      October 10, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      October 10, 2025
    • Could Trump win the Nobel Peace Prize after Israel-Hamas deal?

      October 10, 2025
    • RFK Jr shocked over pregnant moms protesting Trump with Tylenol: ‘Pathological’

      October 10, 2025
    • Top insurance CEO in the hot seat after scathing ad campaign exposes China ties

      October 10, 2025

    Categories

    • Business (1,416)
    • Politics (4,700)
    • Stocks (1,699)
    • Uncategorized (45)
    • World News (1,409)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved