Washington:
Informal American eating chain TGI Fridays filed for Chapter 11 chapter on Saturday within the US state of Texas, an organization assertion stated.
The bar and grill chain — recognized for serving up hamburgers, hen wings and signature cocktails — stated its dozens of eating places in america and overseas would stay open to clients whereas the corporate makes use of the restructuring course of to “discover strategic alternate options in an effort to make sure the long-term viability of the model.”
TGI Fridays Inc, which filed for chapter, owns and operates 39 eating places in america.
Not included within the Chapter 11 course of are 56 franchise TGI Friday’s places in america and 40 different nations, that are independently owned, the agency stated.
“The subsequent steps introduced at the moment are tough however crucial actions to guard one of the best pursuits of our stakeholders, together with our home and worldwide franchisees and our valued workforce members around the globe,” government chairman Rohit Manocha stated within the assertion.
Manocha stated the Covid-19 pandemic and the corporate’s capital construction had been the first causes for its monetary points.
“This restructuring will permit our go-forward eating places to proceed with an optimized company infrastructure that allows them to succeed in their full potential,” he stated.
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