Consumer
TGI Friday’s Is Latest Casual Dining Chain to Go Bankrupt
- Business is pressured by fast casual chains, budget tightening
- TGI Friday’s follows bankruptcy of Red Lobster, Buca di Beppo
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Casual restaurant chain TGI Friday’s Inc. filed for bankruptcy protection after struggling to turn around a business pressured by increasingly cost conscious consumers who’ve either become more selective when dining out, or prefer competitors that provide faster food.
The company filed Chapter 11 on Nov. 2 in the Northern District of Texas, listing assets of between $100 million and $500 million and liabilities of between $100 million and $500 million on its bankruptcy petition.