Restaurant chain TGI Fridays filed for bankruptcy protection Saturday, saying it is looking for ways to “ensure the long-term viability” of the casual dining brand after closing many of its branches this year.
The Dallas-based company’s Chapter 11 filing in a Texas federal court accelerates a gradual decline for an iconic chain that was once near the center of American pop culture but has seen its customer base dwindle as tastes changed.
The company has boasted that its bartenders trained Tom Cruise for his role in the film “Cocktail.” Its serving staff’s button-filled uniforms, meant to evoke a fun atmosphere, were parodied in the satire “Office Space.”
Rohit Manocha, executive chairman of TGI Fridays, said in a statement that the “primary driver of our financial challenges resulted from COVID-19 and our capital structure.”
