It seems that TGI Fridays, a name synonymous with casual dining and American classics, is facing some tough times.
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Recently, all 87 of its restaurants in the UK have been put up for sale, and there’s talk about the chain collapsing altogether.
Here’s what’s happening and what it might mean for TGI Fridays fans.
A Brief History of TGI Fridays
TGI Fridays started in 1965 in New York City, aiming to bring a lively, casual dining experience with a menu full of American favourites.
It came to the UK in 1994 and quickly became popular, especially for celebrations like birthdays and cocktail nights. With 87 locations, it’s been a go-to spot for many years.
What’s caused the recent troubles?
The trouble began when Hostmore, the company that owns TGI Fridays in the UK, saw its share price drop by over 90%.
Hostmore had planned to merge with the US-based TGI Fridays Inc to create a larger company that would stay listed in London.
However, when they dropped this plan after a change in management, their share price plummeted.
Since the start of this month, it has fallen by 96%, leaving them with little value in the company.
Hostmore announced that all 87 TGI Fridays restaurants are up for sale.
The goal is to transition into a fully franchise-operated model, but they don’t expect to recover much value from the sale of these restaurants.
Collapse into administration
To make things more complicated, Hostmore has now collapsed into administration. They’ve appointed administrators from Teneo to oversee the sale of the restaurants.
Despite the troubling news, the restaurants are staying open for now. However, it’s unclear how many will survive long-term or if another chain might step in to take over some locations.
What does this mean for customers?
For now, if you’re a TGI Fridays fan, the restaurants are still open, so you can still enjoy their classic dishes.
However, with the entire chain up for sale and facing an uncertain future, it might mean some changes are on the horizon.
Whether this means a new owner, a rebrand, or even closures, it’s still too early to say.
The future of TGI Fridays
Hostmore’s efforts to turn things around have faced many challenges, including a tough economic environment.
Despite reducing costs and trying to improve the business, the plan to merge with the US TGI Fridays fell through, leaving them in a difficult spot.
It seems the overall owner of TGI Fridays took back the royalty rights to the brand, which left Hostmore without access to the TGI Fridays name.
The sale of the restaurants is expected to finish by the end of the month, but it’s uncertain what this will look like.
For now, it’s a waiting game to see what the future holds for this iconic brand.
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