HAPPY HOUR OVER?

Another Iconic U.S. Chain Restaurant Files for Bankruptcy

The popular casual restaurant chain cited the pandemic for driving its financial difficulties.

The popular sit-down restaurant chain TGI Fridays has filed for bankruptcy in an effort to “ensure the long-term viability of the brand,” citing financial difficulties after a pandemic-driven downturn. “The next steps announced today are difficult but necessary actions to protect the best interests of our stakeholders, including our domestic and international franchisees and our valued team members around the world,” Rohit Manocha, the company’s executive chairman, wrote in a statement Saturday. “This restructuring will allow our go forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential.” The bar and grill, known for its American food offerings and its kitschy but comfortable atmosphere, had closed dozens of locations in the weeks and months leading up to the bankruptcy announcement. TGI Fridays isn’t the only restaurant chain that has struggled to recover after the pandemic drove diners away. Red Lobster and Buca di Beppo, too, both filed for Chapter 11 bankruptcy protections in recent months.