TGI Friday’s Inc. has recently filed for Chapter 11 bankruptcy protection, which is a significant development in the casual dining sector. The company has encountered difficulties in adapting to changing consumer preferences and made its petition on November 2 in Texas.
TGI Friday’s reported assets and liabilities both falling between $100 million and $500 million in its filing. The chain has struggled to attract cost-conscious diners who are increasingly selective about their dining choices or opting for competitors that offer quicker service. This move reflects a trend among casual dining establishments dealing with the pressures of a shifting market landscape.