TGI Fridays bankruptcy: Are more locations closing? Here’s what we know so far-InfoExpress

TGI Fridays will live to see another day, at least while bankruptcy proceedings continue.

The casual dining destination filed for Chapter 11 bankruptcy protection over the weekend, calling the restructuring an opportunity for TGI Fridays' "go-forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential," Rohit Manocha, the executive chairman of TGI Fridays Inc., said in a press release.

According to Manocha, the chain's "financial challenges" were the result of the COVID-19 pandemic and their capital structure.

Thirty-nine company-owned TGI Fridays locations, included in the bankruptcy filing, will stay open and so will the hundreds of others the company owns in the U.S. and abroad. Restaurant locations owned and operated by third-party entity TGI Fridays Franchisor, LLC will also stay open.

According to CNN, TGI Fridays shuttered 50 locations last week before filing for Chapter 11 bankruptcy protection. The company had more than 270 locations worldwide before the closures. Now, there are a little more than 160 TGI Fridays locations across the country and internationally that are currently open.

TGI Fridays Franchisor has provided interim funding to TGI Fridays Incorporated to "to maintain support services for franchisees" while a "new long-term support structure" is devised.

TGI Fridays did not immediately respond to request for comment from USA TODAY Monday.

Here's what we know so far.

How many TGI Fridays locations closed in the US this year?

The first TGI Fridays location opened in Manhattan, New York, in 1965.

In January, TGI Fridays closed 36 "underperforming" locations in 12 states, including in Massachusetts and New Jersey.

The closures at that time were part of an "ongoing growth strategy" intended to create an "unprecedented opportunity for Fridays to drive forward its vision for the future," Ray Risley, U.S. President and Chief Operating Officer at TGI Fridays, said in a statement.

TGI Fridays, which is privately owned by TriArtisan Capital Advisors, also planned to appoint several new top executives and planned to sell some of its restaurants back to its former CEO.

TGI Fridays has faced similar challenges to that of Red Lobster, which recently began its emergence from bankruptcy.

"The next steps announced today are difficult but necessary actions to protect the best interests of our stakeholders, including our domestic and international franchisees and our valued team members around the world," Manocha said.