TGI Fridays PH Issues Statement Amid Bankruptcy News of Mother Company
Here's what their Philippine franchisee has to say.
(SPOT.ph) If you’ve heard that TGI Fridays in the U.S. filed for bankruptcy, you might be worried about your favorite local branch. But there’s no need to stress—their Philippine franchisee, The Bistro Group, has confirmed that local operations are fully independent from the U.S. operations.
According to The Bistro Group President Jean Paul Manuud, the Philippine branches are “not only stable but thriving,” with the recent opening of five new locations in 2024, bringing the total to 30 nationwide. Plus, five more branches of the American dining chain are set to open in 2025.
“This growth reflects our commitment to providing exceptional dining experiences and the “Fridays Feeling” that our customers have come to love,” Manuud said in a statement. “We continue to uphold the high standards that TGI Fridays is known for, and we are excited about the future as we expand our footprint in the Philippines.”
This comes as TGI Fridays celebrates its 30th year in the Philippines in 2024.
Also read: Yup, You Can Snack on TGI Fridays’ Onion Rings Anytime You Want
What's happening to TGI Fridays in the U.S.?
On November 2, 2024, TGI Fridays filed for Chapter 11 bankruptcy in the U.S., listing assets and liabilities between $100 million and $500 million as part of a restructuring effort. This move is limited to the company’s 39 U.S. locations following attempts to stabilize the business after COVID-19 disruptions and the collapse of an acquisition deal with UK-based Hostmore.
Does that mean it's closing? Not at all. TGI Fridays Inc. assured that its U.S. restaurants will continue to operate throughout the process, with financing in place to support ongoing operations.
"This restructuring will allow our go-forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential,” TGI Fridays Executive Chairman Rohit Manocha said.
Again, the bankruptcy filing does not affect TGI Fridays franchisees worldwide. International locations, including those in the Philippines, remain unaffected.
There you have it—looks like it’s business as usual at TGI Fridays, at least in these parts.
The Bistro Group is a restaurant group housing both homegrown concepts and international dining brands. Other restaurants under their belt include Red Lobster and Hard Rock Cafe.
Also read: TGI Fridays Now Serves Pancakes, Waffles + More for Breakfast
this strange new world.