Founded in 1965 in New York City, TGI Fridays won the hearts of millions of customers worldwide thanks to its classic American bar food and happy hour beverage deals, which make every day feel like a Friday. Â
Although this restaurant chain had always portrayed itself as a lively sanctuary where people could let loose and enjoy delicious food and a nice drink, for years it had secretly struggled with continuous declines so steep the company could no longer sustain its finances. Â
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A new year is supposed to signal new beginnings, yet 2024 was nothing but turbulent for TGI Fridays. It suffered financial troubles, faced bankruptcy, and lost about half its national footprint.
TGI Fridays shuts down restaurants and files for bankruptcyÂ
At the beginning of 2024, TGI Fridays quietly began closing dozens of locations nationwide, claiming it was a strategic move to boost growth by shedding underperforming restaurants. However, the shutdowns were ongoing, reaching around 50 before the company finally made a huge announcement that it had been dreading. Â
TGI Fridays filed for Chapter 11 bankruptcy protection in November of last year, as it was $37 million in debt. The restaurant chain stated that its demise was caused by the Covid pandemic, which forced the company to temporarily close locations for multiple months and suffer the aftermath of consumers’ cautious spending.
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Although the bankruptcy only affected the TGI Fridays company and not its franchisees, it managed to secure financing, which allowed all restaurants to proceed with regular operations.Â
At the time of the filing, the restaurant chain owned less than 40 company restaurants, over 120 franchises, and 316 international locations.
TGI Friday’s unveils new money-saving deals
In celebration of TGI Fridays’ 60th anniversary, the restaurant chain is offering customers two entrées from a wide selection of eight different dishes, including burgers, salads, wings, pasta, ribs, and even chicken and shrimp, for only $19.65. It also launched a special Long Island Iced Tea to enjoy alongside this value meal.
This is an amazing price, since most of its regular entrées range from between $16 and $24 per dish. It is also an unbelievable deal, considering the company’s tumultuous financial status for the last few years.
Although the deal was only supposed to last until the end of May, it is still available on the TGI Fridays website and can be ordered online or at participating locations.
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Additionally, to toast to another year of staying open, TGI Fridays is introducing the new $5 Happy Hour to its drink menu. Customers who dine in exclusively can enjoy this promotion any day and at any time at all participating locations.
As if those money-saving deals weren’t enough, the restaurant chain is also encouraging guests to dine at their nearest TGI Fridays location by offering a basket of wings for only 50 cents every Monday. So, whether you’re partial to Frank’s RedHot Buffalo, Apple Butter BBQ, Nashville Hot, Dragon-Glaze, or Garlic Parmesan, all flavors can be enjoyed for only half a dollar from 5 p.m. until close.
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