What TGI Fridays Bankruptcy Means to NJ Locations

In a move that's been anticipated for a while, the iconic TGI Fridays chain has filed for Chapter 11 bankruptcy protection.

The chain, like so many others, has never recovered from the Covid-19 pandemic, and the consumer changes that followed.

TGI Fridays currently has about 600 locations.

The number of New Jersey locations has already been trimmed and there are now just 12 locations left in New Jersey.

The rumblings about bankruptcy picked up steam last week when another 50 locations were suddenly closed, including two more in New Jersey.

The company has now closed 100 locations this year.

Many businesses, especially restaurants, have found it difficult to recover in the aftermath of the pandemic.

It seems like each day, another iconic name joins the list of chain restaurants announcing closures.

Just last week, Denny's announced plans to close nearly ten percent of their restaurants that they deem as underperforming.

Earlier this year, Red Lobster closed locations as they entered bankruptcy.  They recently announced that they were now out of bankruptcy, and the company looks like it will survive.

The first TGI Fridays opened in Manhattan in 1965.

The original concept for the restaurant was a singles bar.

The founder of TGI Fridays was a man named Alan Stillman.

He claimed his motive for opening the bar, was to make it easier for him to meet single women.

Stillman has claimed that the Tom Cruise character in the movie Cocktail was based on his life.

According to Business Insider bankruptcy documents filed in Texas over the weekend indicated the company had both assets and liabilities listed at between $100 million and $500 million.

Source:  Business Insider