TGI Friday’s is the latest casual dining chain to go bankrupt.
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00:00TGI Fridays has officially gone bankrupt.
00:03The chain filed for bankruptcy on November 2nd, citing financial challenges that resulted
00:07from COVID-19 and their capital structure.
00:10The company is trying to work out options to continue funding its restaurants in the
00:13meantime, but listed both assets and liabilities between $100 million and $500 million.
00:20Founded in 1965, TGI Fridays operated 601 restaurants in the US during its peak in 2008,
00:28but now only has 163 restaurants, not including the hundreds of TGI Friday-themed restaurants
00:34around the world.
00:35And they're not the only restaurant to have recently declared bankruptcy.
00:38Red Lobster, Buca di Beppo, Tijuana Flat, and Rubio's Coastal Grill are a few chains
00:43who are feeling the pressure as consumers switch to cheaper options or eating at home.