Affected by the pandemic and changes in consumer habits, TGI Fridays filed for Chapter 11 of the United States Bankruptcy Law.
The well-known restaurant chain TGI Fridayswith a global presence in more than 56 countries, going through a critical moment. The firm, which knew how to compete with fast food giants such as Burger King and McDonald’s, has been forced to resort to the United States Bankruptcy Law in search of financial restructuring.
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This decision raises questions about the future of its operations worldwide, especially in markets such as Argentina, where it has establishments.


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TGI Fridays will close 50 locations in the United States and Colombia as part of its restructuring process.
How TGI Fridays went bankrupt
The financial crisis faced by this restaurant network was aggravated by various factors, among which the changes in consumer habits and the impact of COVID-19. In an official statement, the management of TGI Fridays attributed its financial problems mainly to the consequences of the pandemic.
To try to stabilize its operations and ensure the continuity of the brand in the long term, the company took advantage of the Chapter 11 of the United States Bankruptcy Law. This measure will allow you to restructure your debts under the supervision of a court. As part of this process, it was announced definitive closure of 50 stores in the United States and Colombia.
Despite this complex situation, the firm has secured the necessary financing to keep the remaining establishments in operation during the bankruptcy process. Available information indicates that, at the beginning of 2024, the chain had 270 restaurants in its country of origin, a number that was drastically reduced in the weeks prior to the bankruptcy filing.
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TGI Fridays franchises in Argentina operate independently, so they will not be affected by the bankruptcy.
TGI Fridays bankruptcy: are businesses closing in Argentina?
For the peace of mind of Argentines, The bankruptcy declaration does not directly affect the locals in the country. International franchises, including the two that operate in Argentina (in Recoleta and Puerto Madero), operate independently under licensing agreements.
According to the information provided, the franchises distributed in more than 56 countries will continue to operate normally, guaranteeing the continuity of service in markets such as Mexico, Spain and Argentina. In this way, followers of the brand in Argentine territory will be able to continue visiting its restaurants without inconvenience.
Source: Ambito

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