TGI Friday’s Seeks New Financing in Preparation for Bankruptcy
- Restaurant chain is huddling with new and potential lenders
- Casual-dining company’s debt includes asset-backed bonds
TGI Friday’s Inc. is one of several casual dining chains that have had to grapple with the reality of popular fast-casual eateries like Chipotle eating into their market share in recent years.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
TGI Friday’s Inc. is seeking financing as the casual-dining chain prepares to file for bankruptcy protection in coming weeks, according to people with knowledge of its plans, after struggling to turn around a business pressured by customers’ tighter budgets and preference for faster food.
The company is huddling with lenders in search of a loan that would help it continue running restaurants through the Chapter 11 process and emerge as an operating company, said the people, who asked not to be named discussing confidential information.