TGI Fridays' Unannounced Closures Hit Hard as 2024 Woes Continue

Published: 10/28/2024, 11:31:40 PM EDT

TGI Fridays' Unannounced Closures Hit Hard as 2024 Woes Continue — An image of the sign for T.G.I Friday's in Levittown, N.Y. on March 16, 2020. (Bruce Bennett/Getty Images)

TGI Fridays, the iconic casual dining bar and grill chain, has closed 49 U.S. locations in the past week, according to various media reports.

The recent closures mean that the 59-year-old restaurant chain has shut down about 100 locations so far this year.

The company had 270 locations open at the beginning of 2024. According to the website’s restaurant locator, only 164 restaurants remain in operation.

CNN stated that local media outlets have reported that TGI Fridays restaurants across a number of U.S. states hav been affected, including California, Florida , New York, New Jersey, Missouri and Ohio.

The recent unannounced closures are the largest for the chain since January when it closed 36 "underperforming" locations. At the time, the company said it would offer over 1,000 transfer opportunities for affected employees, representing more than 80 percent.

“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,” said Ray Risley, President and Chief Operating Officer at TGI Fridays at the time.

Weldon Spangler, the company's CEO, said, "As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays."

At this time, TGI Fridays also sold eight of its previously corporate-owned restaurants in the Northeast to former CEO Ray Blanchette.

The company has not responded to requests for comment from the press on the latest developments, including a request made by NTD News.

The challenges faced by TGI Fridays add to a growing list of woes many in the U.S. restaurant industry have faced.

In August, Red Lobster, the popular seafood restaurant chain, announced plans to close 23 additional locations after closing nearly 100 locations in May. Italian dining chain Buca di Beppo filed for bankruptcy in August, and in the following month, BurgerFi followed suit, reported the New York Post.

TGI Friday’s still manages hundreds of stores across the globe, with over 850 restaurants in more than 55 countries, according to its website.