TGI Fridays Closes Dozens of Locations Nationwide Amid Restructuring Efforts
TGI Fridays has closed 36 "underperforming" restaurants across 12 states, including Pennsylvania and New Jersey, as part of a strategic move to optimize operations. The closures are accompanied by a shakeup in executive ranks and the sale of some locations to former CEO Ray Blanchette. Despite the closures, the company has offered transfer opportunities to about 80% of affected employees and is focusing on revitalizing the brand with menu updates and operational streamlining. The chain is owned by TriArtisan Capital Advisors and reported projected sales of $1.6 billion in 2022.
