North American fast food chain TGI Fridays, which in Spain has thirteen restaurantshas filed for bankruptcy under Chapter 11 of the United States Bankruptcy Law.
In a statement, the company attributes its poor financial situation to the COVID-19 pandemic and plans to “explore strategic alternatives to guarantee the long-term viability of the brand.”
“The next steps announced today are difficult, but not necessary to protect the interests of the parties involved, including our national and international franchises and our valued teams of people around the world,” said the CEO of TGI Fridays, Rohit Manocha.
The bankruptcy filing affects the parent company of TGI Fridays, which It has 39 restaurants, but not the franchises that manage the rest of the establishmentsexplains the statement, which highlights that they have achieved the necessary financing for all the restaurants to continue operating while the bankruptcy process is carried out.
The company’s own store locator reported a week ago that it had 213 restaurants in its home market, while on Monday only 164 were listed as open on its website and on Saturday there were only 30. Fridays began 2024 with 270 establishments in the country.
A few weeks ago, Bloomberg He already anticipated the difficulties that Fridays was having to secure a capital injection that would guarantee the continuity of its operations while considering filing for Chapter 11 of the United States Bankruptcy Law.
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