TGI Fridays Closes Nearly 200 US Restaurants in 2024
TGI Fridays has significantly reduced its U.S. restaurant footprint this year, closing almost 200 locations since the start of 2024 following its bankruptcy filing.
TGI Fridays has closed nearly 200 restaurants in the United States since the beginning of 2024, marking a substantial reduction in its domestic presence. This comes after the casual dining chain filed for Chapter 11 bankruptcy protection in late 2024.
The company currently operates 76 U.S. locations, down from 269 at the start of the year, according to its franchise disclosure document. States including New York, New Jersey, Florida, and Virginia have seen double-digit net losses in restaurant counts during this period.
Under new ownership by Sugarloaf Hospitality and with Ray Blanchette back at the helm as CEO, TGI Fridays is focusing on a global expansion strategy. Blanchette stated the brand has approximately 400 locations in 40 countries and aims for over 1,000 units globally with $2 billion in annual revenue by 2030.
The chain's "1-2-3 Strategic Vision" aims to leverage the brand internationally by employing flexible restaurant formats. These include airport locations, hotel-based concepts, and traditional full-service restaurants designed to meet consumer demand and optimize franchise development opportunities in key markets.