TGI Fridays closing dozens of underperforming restaurants nationwide
A view of a TGI Friday's sign. (Photo by Chris Ison/PA Images via Getty Images)
DALLAS - TGI Fridays announced plans to close dozens of restaurants nationwide that are underperforming.
The restaurant chain has already announced the sale of eight previously corporate-owned restaurants in the Northeast.
"As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays," Weldon Spangler, CEO of TGI Fridays, said in a news release. "We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering "That Fridays Feeling™" that our fans know and love."
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The company called the "transition" a way to maintain revenue while committing to the brand.
As part of the transition, the company will close 36 underperforming locations in select markets across the U.S. A list of the stores has not yet been made available.
Along with the closures, the company will offer 1,000 transfer opportunities, which represents over 80% of the total impacted employees.
"Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we've identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise," Ray Risley, U.S. President and Chief Operating Officer at TGI Fridays, added. "By strengthening our franchise model and closing underperforming stores, we are creating an unprecedented opportunity for Fridays to drive forward its vision for the future."
This story was reported from Los Angeles.