In a continued wave of retail closures, TGI Fridays has significantly scaled back its U.S. presence. As of today, the casual restaurant chain has just 163 remaining locations, according to the store locator on its website, a sizable drop from the 213 restaurants that CNN reported were listed on the website as of last week.
The closures have affected multiple states, including California, Ohio, New York, New Jersey, Florida, and Missouri. Notably, TGI Fridays has exited some cities entirely, such as Columbus, Ohio, and Buffalo, New York. Widespread closures were confirmed through reports from news outlets. However, TGI Fridays has not released an official announcement or a detailed list, nor has the company responded to Fast Company‘s requests for more information.
This development extends a trend that began earlier in the year when TGI Fridays closed 36 underperforming restaurants in an effort to streamline its operations. At that time, the chain had around 270 U.S. locations, highlighting the scale of its current decline.
Reports suggest that the closures are part of preparations for a Chapter 11 bankruptcy filing. According to Bloomberg, the chain is negotiating with lenders to secure financial support during the restructuring process.
The casual dining sector is facing broader financial pressures in 2024. Other casual dining brands, such as Red Lobster and Buca di Beppo, have filed for bankruptcy protection this year. Analysts attribute this trend to changing consumer habits and economic conditions, in addition to mismanagement and poor business decisions in some cases.