Sit down restaurants in the United States are really suffering. According to reports, the latest entry into the category is none other than TGI Fridays.
The Lowdown
According to reports, TGI Fridays filed for Chapter 11 bankruptcy protection in a TX federal court on Saturday. The move comes after many years of mounting debts and declining sales for the once popular chain.
TGI Fridays first came onto the scene decades ago in New York City. Founded as a ‘singles bar’ the chain is a far cry from its once ‘iconic menu’ and other offerings that in the early days made it a restaurant staple. TGI ‘s has also suffered in recent years as consumers shift to getting food delivered, and then of course, in recent times rising menu costs have all contributed to the chain’s failures.