TGI Friday's closes dozens of locations in the midst of bankruptcy preparations

Recently, TGI Friday's chain has taken the unfortunate step of closing a significant number of its restaurant locations across the United States. According to reports by CNN, the company's store locator currently lists only 164 locations in the U.S., a notable decrease from the 213 that were operational just a week ago. This sudden wave of closures follows the chain's earlier decision to shut down 36 "underperforming" restaurants in January, across 12 states, which was characterized at the time as part of an "ongoing growth strategy."

Locations Affected

While TGI Friday's has not officially released a list of the closed locations, local reports have provided some insights. Restaurants in Bridgewater and Watchung in Central Jersey have reportedly closed, as well as a location in Middletown Township, Pennsylvania. Additionally, reports indicate that restaurants in California, New York, and Ohio have also been affected by this recent wave of closures. The restaurant chain's struggles come amidst changing consumer preferences, as customers on tighter budgets gravitate towards lower-priced meals.

The Impact of Consumer Behavior

This shift in consumer behavior has presented challenges for TGI Friday's, as customers have exhibited a tendency to seek more affordable dining options. Even established industry leaders like McDonald's have faced scrutiny regarding their pricing, with consumers deeming them too high. As the Dallas-based casual-dining pioneer navigates these challenges, the closure of numerous locations underscores the need for the chain to adapt to the evolving preferences of its customer base."