Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

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
Mawson Finland Limited

Related Posts

As Apple enters AI race, iPhone maker turns...

October 7, 2024

Biden administration delays enforcing order blocking Nippon Steel-U.S. Steel deal

January 14, 2025

The U.S. labor market is shifting toward skilled...

May 8, 2024

Texas AG wins $1.4B settlement from Facebook-parent Meta...

July 31, 2024

As Trump eyes more tariffs, South Korea remains...

February 15, 2025

Trump made millions on guitars, Bibles and watches...

June 17, 2025

Netflix inks deal to stream its first NFL...

May 16, 2024

The great wealth transfer has started — but...

May 9, 2024

GM to increase production of high-performance Cadillac Escalade...

July 18, 2024

A top Federal Reserve official says bleak jobs...

August 12, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


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

    Recent

    • Bernie Sanders calls for RFK Jr. to resign as HHS secretary over vaccine policies: ‘Rally the American people’

      September 2, 2025
    • Altech Batteries LtdCERENERGY Battery 46.7M Euro German Grant Approval

      September 2, 2025
    • Altech – CERENERGY Battery 46.7M Euro German Grant Approval

      September 2, 2025
    • Locksley Resources LimitedStrengthens Leadership to Accelerate Growth Strategy

      September 2, 2025
    • Trump nominees squeezed between ‘blue slips’ and blue obstruction

      September 1, 2025

    Categories

    • Business (1,092)
    • Investing (2,949)
    • Politics (3,599)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, 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 sportinvestorsleague.com | All Rights Reserved