TGI Fridays, an American casual dining chain, said on Saturday it has filed for Chapter 11 bankruptcy protection after grappling with prolonged financial challenges and a collapsed deal with UK-based Hostmore.
In a filing with the US bankruptcy court for the Northern District of Texas, the company listed both assets and liabilities in the range of $100 million to $500 million.Privately owned by TriArtisan Capital Advisors, TGI Fridays has been a beloved dining destination since its inaugural bar opened in Manhattan, New York, over five decades ago, in 1965.
In September, British restaurant operator Hostmore dropped plans to buy TGI Fridays after it was removed as the manager of TGIF Funding, which owns the right to collect royalties from the restaurant chain franchise.Hostmore, which operated TGI Fridays in Britain through its unit Thursdays , saw its shares crash 90 percent after the news, and later announced its intention to enter administration, overwhelmed by debt.
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