WASHINGTON: Informal American eating chain TGI Fridays filed for Chapter 11 chapter Saturday within the US state of Texas, an organization assertion mentioned.
The corporate mentioned its eating places within the US and overseas would stay open whereas the corporate makes use of the restructuring course of to “discover strategic alternate options with the intention to guarantee long-term viability of the model.” TGI Fridays Inc, which filed for chapter, owns and operates 39 eating places within the US. Not included within the Chapter 11 course of are 56 franchise places within the US and 40 international locations, that are independently owned, the agency mentioned.
Govt chairman Rohit Manocha mentioned the Covid-19 pandemic and the corporate’s capital construction had been main causes for its monetary points.
