Washington:
Informal American eating chain TGI Fridays filed for Chapter 11 chapter on Saturday within the US state of Texas, an organization assertion mentioned.
The bar and grill chain — identified for serving up hamburgers, rooster wings and signature cocktails — mentioned its dozens of eating places in america and overseas would stay open to prospects whereas the corporate makes use of the restructuring course of to “discover strategic alternate options in an effort to make sure the long-term viability of the model.”
TGI Fridays Inc, which filed for chapter, owns and operates 39 eating places in america.
Not included within the Chapter 11 course of are 56 franchise TGI Friday’s places in america and 40 different international locations, that are independently owned, the agency mentioned.
“The subsequent steps introduced immediately are troublesome however crucial actions to guard the perfect pursuits of our stakeholders, together with our home and worldwide franchisees and our valued group members around the globe,” govt chairman Rohit Manocha mentioned within the assertion.
Manocha mentioned the Covid-19 pandemic and the corporate’s capital construction had been the first causes for its monetary points.
“This restructuring will enable our go-forward eating places to proceed with an optimized company infrastructure that allows them to achieve their full potential,” he mentioned.
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