TGI Friday’s files for bankruptcy after closing more NJ locations

🍴 Another restaurant chain files for bankruptcy

🍴 TGI Friday's closed several NJ locations this year

🍴 Company says financial struggles began with COVID-19 pandemic

With less than a dozen locations remaining in New Jersey, TGI Friday's has filed for Chapter 11 bankruptcy.

Business Insider reported that bankruptcy documents filed in Texas on Saturday morning indicated the company had both assets and liabilities listed at between $100 million and $500 million.

Rumors of the restaurant chain's decision to file for bankruptcy swirled this past week as it closed nearly 50 locations nationwide including two in New Jersey, CNN reported.

TGI Friday's has closed more than 100 locations this year and less than 170 remain in the United States.

TGI Friday's Executive Chairman Rohit Manocha blamed the company's financial struggles on its corporate structure and the COVID-19 pandemic, Business Insider reported.

Manocha said declaring bankruptcy will allow its restaurants to reach their "full potential."

Bankruptcy filings in 2024

Red Lobster filed for bankruptcy in May and closed several NJ restaurants. The Florida-based chain had over $1 billion in debt and less than $30 million in cash at the time.

Restaurants aren't the only companies struggling. Just a few weeks ago, hardware chain True Value Company filed for bankruptcy and decided it would sell its business operations to Do It Best Corp.

National clothing retailer Express shut at least seven NJ locations as it declared bankruptcy in April, joining other chains like Joann and 99 Cents Only.

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