TGI Fridays, the well-known casual dining and bar chain, has seen its U.S. presence dwindle to just 85 restaurants, according to its website—a sharp decline from approximately 125 locations late last year—as the company continues to grapple with bankruptcy.
Over the past year, TGI Fridays closed nearly 100 restaurants nationwide, including 49 shuttered in a single week in October 2024, affecting states such as California, Florida, New York, New Jersey, Missouri, and Ohio. The closures represent the largest wave since January 2024, when the company announced the shutdown of 36 “underperforming” sites and offered more than 1,000 transfer opportunities to affected employees—over 80 percent of the impacted workforce.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet—and exceed—on that brand promise,” Ray Risley, President and Chief Operating Officer at TGI Fridays, said at the time.
TGI Fridays Inc. has secured debtor-in-possession financing to maintain its operations during the restructuring, allowing for continued payments to staff and suppliers at its corporate-owned outlets.
“The primary driver of our financial challenges resulted from COVID-19 and our capital structure,” Executive Chairman Rohit Manocha said in a statement. “This restructuring will allow our go-forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential.”
The company’s financial struggles mirror broader challenges in the U.S. restaurant industry, which has been battered by pandemic shutdowns, labor costs, and diminished consumer spending.
Other restaurant groups, including Rubio’s Restaurants, Melt Bar & Grilled, and Kuma’s Corner, also turned to bankruptcy relief during the same year.
In March 2025, Hooters revealed on social media that it had filed for bankruptcy. The chain said it plans to sell all 100 of its restaurants to two separate franchisee groups, which are currently operating locations in the Chicago, Illinois, and Tampa, Florida, areas.
As for TGI Fridays, it maintains a stronger international footprint, with over 400 restaurants operating in 41 countries, according to its website.
The company has not responded to a press inquiry from NTD regarding the latest closures and restructuring efforts.