These 2 Cities Say Goodbye For Good To TGI Fridays As 50 Locations Shut Down

If you're craving some potato skins and boneless buffalo wings from TGI Fridays you may want to get on that soon, as the famed chain restaurant has recently shut down 50 locations as rumors swirl that it could be headed toward bankruptcy. Once so culturally ubiquitous that it was parodied in movies like "Office Space" and "Waiting," Fridays has been falling apart since the beginning of the COVID pandemic, as diners have cut back on spending, and casual dining chains have been hit particularly hard. But even compared to other forlorn competitors like Red Lobster, TGI Fridays has had a rough few years, launching a menu overhaul in 2023 that included sushi and mocktails, losing four CEOs since 2023, and even having a planned acquisition fall though. And now, just within the past week, it appears the chain has shuttered dozens of faltering locations, including two cities, Columbus, Ohio and Buffalo, New York, which are losing their final Fridays locations.

It's unclear exactly where all the other closing stores are located as no official announcement was made, but reports indicate that multiple locations in New Jersey, New York, Ohio, and California are part of the cut back. This marks a decline to 164 locations nationwide, which is down from 213 listed last week, and a full 50% drop from 329 locations in 2020. It's not hard to see why, as sales declined 15% in 2023 alone, and it appears TGI Fridays may be heading into bankruptcy in just a few weeks.

Unfortunately, larger industry struggles have been too much for TGI Fridays to overcome, and some iffy management hasn't helped. Casual dining saw an overall traffic decline in 2023 — never good in industries expecting continuous growth, with even big names like Applebee's and Outback Steakhouse seeing declines in unit sales. Meanwhile, TGI Fridays lost control of its own bonds, something that has not happened to a company since the Great Recession, after reportedly using the money to overpay itself for management fees, according to Restaurant Business. The move prompted the termination of a potential sale that could have propped up the company, and Fridays may have gone into full-on fire sale mode.

Founded in New York City in 1965, TGI Fridays grew into one of the most well-known casual dining brands in the U.S. during the 80s and 90s, including being controversially credited with creating potato skins, but the chain has struggled since. Once known for its food as much as its garish decor, the brand had switched to premade dishes and bagged soups by the 2000s. Last year's menu overhaul was partially an attempt to address this with the introduction of higher-quality items like fire-grilled steaks and salmon, but the chain was clearly firing in any direction it could think of, including sticking TGI Fridays into hotels to tap into other customer bases. Right now, it's impossible to say where TGI Fridays will go, but a true course correction is clearly needed.