Restaurant chain TGI Fridays announced on Saturday it has filed for Chapter 11 bankruptcy, the news coming as numerous other similar businesses have done the same.
According to Reuters, the chain has been struggling financially and experienced a “collapsed deal” with a British operator.
“In a filing with the U.S. bankruptcy court for the Northern District of Texas, the company listed both assets and liabilities in the range of $100 million to $500 million,” the article said. The business, which is “privately owned by TriArtisan Capital Advisors,” has “secured a financing commitment to support operations.”
The Reuters report continued:
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,…
