TGI Fridays Inc., the parent company that operates the eponymous casual dining chain, has filed for Chapter 11 bankruptcy as it navigates challenges stemming from the COVID-19 pandemic shutdowns and shifting consumer preferences.
The voluntary petitions were filed in the Northern District of Texas on Nov. 2, the company said in a statement, in which it noted that all 39 corporate-owned restaurants would remain open and continue to serve customers as the brand “explore[s] strategic alternatives” that would allow it to ensure long-term viability.
The remaining 125 or so TGI Fridays restaurants in the United States, which are independently owned and operated by franchisees, are not involved in the bankruptcy process….