Why TGI Fridays Are Closing and What it Means For the Chain’s Future

TGI Fridays has already closed a handful of stores this year, with several more currently up for sale.

Here is what that means for the restaurant chain and what will likely happen next.

TGI Fridays Closes Locations During Rough Year For Chain Restaurants

We could use up nearly all of this space to list the many restaurant chains that closed locations and/or filed for bankruptcy just in 2024. Among the recognizable names shuttering restaurants are:

• Red Lobster
• Hooters
• Noodles and Company
• Pizza Hut
• Hardee's
• Boston Market

(A complete list of chains closing locations follows below.)

One of the quieter rounds of restaurant closings was done by TGI Fridays. Finance Buzz reported the casual dining chain was in the process of closing 36 locations across the US.

The closures affected 12 states where their TGI Fridays locations were underperforming, Finance Buzz reported in August. TGI Fridays announced it would offer transfer opportunities to more than 1,000 employees of those locations.

At the same time, TGI Fridays also announced it would be selling off eight corporately-owned locations to its former CEO.

Since then, more TGI Fridays locations have been put up for sale.

Nearly 4,500 TGI Friday's Jobs At Risk

The latest blow to the TGI Fridays brand is hitting their European market. Hostmore, a franchisee that once owned 87 TGI Fridays restaurants in the United Kingdom, has run into financial trouble.

The BBC reports Hostmore has "gone into administration." This is typically done when a company is insolvent and needs help to restructure or sell off the business.

READ MORE: Iconic Brand Once Sold At Home Parties Is Reportedly Close To Bankruptcy

All 87 of Hostmore's TGI Fridays restaurants are currently up for sale. According to the BBC, nearly 4,500 jobs are at risk if a buyer is not found for the locations.

This all comes after Hostmore had big plans of growing the TGI Fridays brand in the U.S.

"Hostmore said it had attempted to buy the U.S. operator of TGI Fridays for ($233 million), but that deal collapse," the BBC reported.

At this time, TGI Fridays says it has more than 650 restaurants spread across 51 different countries.