TGI Fridays has announced that it is closing down 36 locations across 12 states as part of the company's ongoing growth strategy.
This comes after the chain abruptly closed six locations in Massachusetts.
The company is also selling some restaurants back to its former CEO.
TGI Fridays confirmed to The U.S. Sun that the 36 locations were closing due to underperformance.
Signs were posted on the doors of some restaurants, all with the same message.
"We regret to inform you that as of January 2, 2024, this Fridays location has closed," the note read.
Read more on TGI Friday's
ONGOING NEWS
Before the closures, TGI Fridays had about 270 US locations, according to the company's website.
"As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees," the company said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
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The sale comes as major changes have been made to the brand's leadership, including the news of Weldon Spangler being made CEO.
"As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays," said Spangler in a statement.
In an effort to revamp its restaurant, the company changed up its menu in recent months, promising to prioritize bold, new food using in-demand flavors.
This included a new appetizer lineup with 18 different options starting at $3.
The company also announced new salad and bowl entrees and an all-new non-alcoholic beverage.
TGI Fridays is privately owned by TriArtisan Capital Advisors, a private equity firm, therefore its financial results aren’t released.
The company said last year that total sales were projected to reach $1.6 billion in 2022 with same-store US sales growing at 8% compared to 2019
RESTAURANTS CLOSING
The list of closing stores spans across 12 states.
New Jersey has the most locations closed with seven, followed by six in Massachusetts and five in New York.
The following stores are closed:
- Fresno, California: 1077 E. Herndon Ave.
- Denver, Colorado: 8104 Northfield Blvd.
- Longmont, Colorado: 125 Ken Pratt Blvd.
- Newington, Connecticut: 3025 Berlin Turnpike
- Ormond Beach, Florida: 24 Ocean Shore Blvd.
- Royal Palm, Florida: 580 N. State Road 7
- Berlin/Marlbourough, Massachusetts: 601 Donald Lynch Blvd.
- Danvers, Massachusetts: 49 Newbury St.
- Dedham, Massachusetts: 750 Providence Hwy.
- Mansfield, Massachusetts: 280 School St. Suite A100
- North Attleboro, Massachusetts: 1385 S. Washington St.
- Seekonk, Massachusetts: 1105 Fall River Ave.
- Bowie, Maryland: 15207 Major Lansdale Blvd.
- Columbia, Maryland: 8330 Benson Dr.
- Amherst, New Hampshire: 124 NH-101A Ste.
- Eatontown, New Jersey: 180 NJ-35 Ste.
- Hacksensack, New Jersey: 411 Hackensack Ave.
- Iselin/Woodbridge, New Jersey: 401 Gill Ln.
- Malrton, New Jersey: 970 Rte. 73 N.
- Princeton, New Jersey: 3535 US-1 #275
- Springfield, New Jersey: 40 US-22
- Wayne Town Center, New Jersey: 71 Route 23 South
- Albany, New York: 1475 Western Ave.
- Bay Shore, New York: 1725 Sunrise Hwy.
- Hauppauge, New York: 3045 Expy Drive N.
- Massapequa, New York: 5204 Sunrise Hwy.
- Woodbury Township, New York: 5 Centre Dr.
- Willow Grove, Pennsylvania: 2500 W. Moreland Rd.
- Corpus Christi, Texas: 5217 S. Padre Island Dr.
- Houston Almeda, Texas: 12895 Gulf Fwy.
- North Arlington, Texas: 1524 N. Collins Street
- The Woodlands, Texas: 1105 Lake Woodlands Dr.
- Fredericksburg, Virginia: 1160 Carl D Silver Pkwy.
- Manassas, Virginia: 7401 Sudley Rd.
- Springfield, Virginia: 6751-B Frontier Dr.
- Woodbridge/Potomac Mills, Virginia: 13237 Worth Ave.
RESTAURANTS BEING SOLD
Ray Blanchette served as CEO of TGI Friday's from October 2018 to spring 2023.
He previously warned in a Bloomberg interview that 20% of the 386 restaurants would likely be forced to close.
The eight stores being transferred/sold to him are located in the below markets:
- Methuen, MA
- Boston, MA Brigham
- Manchester, NH
- Millbury, MA
- Everett, MA
- Braintree, MA
- Concord, NH
- Stoughton, MA
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