TGI Fridays files for bankruptcy: Details
Blink Fitness files bankruptcy
Gym operator Blink Fitness has filed for Chapter 11 bankruptcy protection. Blink, an Equinox-owned chain with more than 100 locations, says it's filing for bankruptcy to help facilitate a sale of the business. The New York-based company added that it’s gyms remain open and anticipates "limited impact on day-to-day operations" through the process.
NEW YORK - TGI Fridays Inc., the American bar and grill chain, filed for Chapter 11 bankruptcy in Texas on Saturday, as the company's executive chairman noted that it has yet to fully bounce back from the COVID-19 pandemic. The filing indicates that the company is seeking ways to stay operational while keeping 39 of its restaurants open.
The Dallas-based company says it has secured financing to continue operations during this process. Executive Chairman Rohit Manocha noted that these actions are necessary to protect the interests of stakeholders, including franchisees and employees worldwide.
The recalled TGI Fridays boneless chicken bites are pictured in provided images. (Credit: U.S. Department of Agricultures Food Safety and Inspection Service)
TGI Friday NY locations
Recently, TGI Fridays closed 12 locations in the U.S. and 35 restaurants internationally, following the shutdown of 36 underperforming U.S. locations in Jan. as part of its growth strategy.
The brand and its trademarks are not included in the bankruptcy filing because of an agreement with another investor group.
Hwover, TGI Friday's NY, LLC, which operates seven locations in New York—Yonkers, Riverhead, Islip, Valley Stream, Farmingville, Middletown, and Clifton Park—is also listed as a debtor in the filing.
The Associated Press contributed to this report.