• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

TGI Fridays operator files for Chapter 11 bankruptcy amid financial woes

by November 4, 2024
written by November 4, 2024

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 comment
0
FacebookTwitterPinterestEmail

previous post
RFK Jr., on eve of Election Day, tells voters ‘do NOT vote for me’
next post
Harris leads Trump by 4 nationally as both candidates narrow gender gap, poll finds

related articles

Customers sue sneaker company On over shoes that...

October 20, 2025

Giorgio Armani group names longtime executive Giuseppe Marsocci...

October 17, 2025

LendingTree founder and CEO Doug Lebda dies in...

October 15, 2025

UPS is ‘disposing of’ U.S.-bound packages over customs...

October 13, 2025

China outlines more controls on exports of rare...

October 10, 2025

Paramount acquires Bari Weiss’ The Free Press, naming...

October 7, 2025

YouTube to pay $24 million to settle Trump...

October 1, 2025

Charlie Javice sentenced to 7 years in prison...

October 1, 2025

Video game maker Electronic Arts to be acquired...

October 1, 2025

Nearly 200,000 BMWs recalled over potential fire risk

September 30, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Crypto market snapshot, Dec 4: Bitcoin at $96K, Tron soars 75%

    December 4, 2024
  • Jim Jordan says YouTube ‘censored’ Joe Rogan interview with Trump

    October 31, 2024
  • Biden’s high-stakes solo press conference slammed from the right as ‘another disaster’

    July 12, 2024
  • ‘It’s a joke’: White House dismisses ‘No Kings’ protests, while Nancy Pelosi rips crown in defiance

    October 21, 2025
  • Nearly 50% of student loan borrowers anticipate future debt forgiveness: What you need to know

    August 7, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (6,513)
  • Investing (634)
  • Stock (941)

Latest Posts

  • ‘Crush liberal dominance’: Conservative megadonor urges leaner, meaner posture for activist groups

    September 14, 2024
  • Former USAID official Mark Moyar says ‘corruption’ at agency ‘subverted’ Trump White House

    February 6, 2025
  • Klarna, nearing IPO, plucks lucrative Walmart fintech partnership from rival Affirm

    March 18, 2025

Recent Posts

  • Happy birthday, Ronald Reagan. What making a movie about our 40th president taught me about his greatness

    February 7, 2025
  • Ukrainian Offensive Forces Control 1,000 sq km in Kursk

    August 14, 2024
  • Trump trial stemming from Jack Smith’s probe delayed past Election Day

    September 5, 2024

Editor’s Pick

  • Trump rescinds Biden order protecting gender clinics from investigation, signals new whistleblower protections

    February 24, 2025
  • ‘Blindsided’: How Stefanik’s Trump nomination as UN ambassador imploded

    March 31, 2025
  • 5 new Uber features you should know — including a way to avoid surge pricing

    May 15, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.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 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock