Photo by Viktor Forgacs on Unsplash
TGI Fridays Abruptly Closes 36 Restaurants
January 4, 2024
Restaurant chain TGI Fridays has abruptly closed 36 restaurants as part of the brand’s ongoing growth strategy. The chain said in a press release that the restaurants targeted were underperforming in their market in select areas across the United States.
The restaurant chain offered more than 1,000 transfer opportunities to its employees, representing over 80% of those impacted.
When the Dallas-based company revealed the surprise closures on Wednesday, it also announced that eight previously corporate-owned restaurants in the Northeast would be sold to former CEO Ray Blanchette, who resigned in May.
The sale follows recent moves to strengthen TGI Fridays’ leadership team, such as appointing Weldon Spangler as chief executive officer, Ray Risley as U.S. president and chief operating officer, and Nik Rupp as president and COO of international and chief financial officer.
No New Year’s Resolution List is complete without a Whiskey-Glaze Burger drip. 🥃 🍔 pic.twitter.com/52fF8FnUXE
— TGI Fridays (@TGIFridays) January 3, 2024
CNN reports that the closed restaurants are in 12 states. New Jersey has the most locations closed, with seven. That number is followed by six restaurants in Massachusetts and five in New York.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley in the release.
Risley said that the chain’s top priority was delivering a superior customer experience for its guests. Through these closures, TGI Fridays claims to have identified opportunities to optimize and streamline its operations to ensure it is positioned to meet and exceed its brand promise.
He concluded by promising that “strengthening” the company’s franchise model would help create an “opportunity” for TGI Fridays to continue succeeding. Before the closures, TGI Fridays had about 270 U.S. locations.
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