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Casual restaurant bankruptcies are on the rise, with TGI Friday’s Inc. recently filing for bankruptcy due to declining sales as customers cut back on spending. This trend marks the highest number of large restaurant bankruptcies since 2020, driven by increased labor costs, supply chain issues, and higher interest expenses, which are all impacting consumer demand for dining out.
TGI Friday’s Inc. has filed for Chapter 11 bankruptcy, facing nearly $50 million in unused gift cards and certificates. This situation raises concerns among franchisees about who will bear the cost if a surge of customers redeem these cards, potentially impacting the struggling chain's finances.
TGI Friday’s Inc. is exploring potential buyers after filing for bankruptcy, facing challenges linked to a $375 million bond sale from 2017. The company reported a significant revenue decline after losing control of assets tied to the bonds, with interest from various parties in acquiring parts of the business.
TGI Friday’s Inc. has filed for Chapter 11 bankruptcy protection, citing challenges in adapting to cost-conscious consumers who are increasingly selective about dining out or opting for faster food options. The company, which filed on November 2 in Texas, reported assets and liabilities both ranging between $100 million and $500 million.
TGI Friday’s Inc.
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