Whatever Happened To TGI Fridays?

TGI Fridays has seen better days. The chain closed more than 80 U.S. locations in 2024, with more closures possible given November 2024's bankruptcy filing. In a press release, the company cited issues with "COVID-19 and our capital structure" as leading to the decision to file bankruptcy. The planned purchase of U.S. TGI Fridays restaurants by Hostmore, the operator of Fridays' UK locations, also fell apart as Hostmore faced its own financial problems.

TGI Fridays historically evolved with the times. The first location opened in 1965 in New York City and positioned itself as a singles bar that was safe for women. As the chain grew, it helped legitimize bartending as an esteemed profession, training staff to craft hundreds of beverages. Tom Cruise even learned flair bartending moves from Fridays' staff for his role in the 1988 movie Cocktail. By the 1990s, TGI Fridays evolved into a more family-focused chain, likely in response to restaurants like Chili's gaining popularity. 

While Chili's has experienced a resurgence in recent years, Fridays has struggled to keep up, despite offering an equally extensive menu. The difference lies in what's on that menu. Chili's has stuck to the ribs and margaritas that put it on the map. Meanwhile, TGI Fridays' more dissonant menu expansions, brought on by a revolving door of new leadership, have likely hastened the chain's demise. 

TGI Fridays had several turnovers at the top of the company. Ray Blanchette, the Fridays CEO noted for growing sales during his four years of leadership, stepped down in May 2023. As new leadership strove for greater relevance in the modern dining market, concepts were introduced that didn't sync with diners' expectations of the TGI Fridays experience. For example, in late 2023, the company increased its partnership with C3, a ghost kitchen known for brands like the sushi concept Krispy Rice. This meant that suddenly, TGI Fridays had sushi on the menu, a far cry from what diners want from the chain.

In 2023, the chain also rolled out its Grilled & Sauced menu, an option that allowed customers to mix and match proteins and sauces. More new menu items were added over the next few months as leadership continued to shift. Salads and bowls, mocktails, and new appetizers entered the mix — perhaps confusing consumers who just looked to Fridays for a burger with whiskey sauce. By the time the chain was introducing roll-out party packages, it had seen three CEOs at the helm in as many months. TGI Fridays sold eight of their corporate-owned locations back to former CEO Ray Blanchette in January 2024.