TGI Fridays closed 16 of its UK restaurants on Tuesday, resulting in the loss of 456 jobs. The closures occurred after Interpath was appointed as administrator to the Liberty Bar and Restaurant group, which managed the operations of TGI Fridays' UK restaurants.
The American-inspired casual dining chain's business and assets were immediately sold to a company owned by Sugarloaf, the manager of the global TGI Fridays brand. The deal safeguarded 1,384 jobs across the remaining 33 restaurants.
Ryan Grant, managing director at Interpath and joint administrator, said, "We are pleased to have been able to secure this transaction which will see this well-known brand continue to trade across the UK." He acknowledged the difficulties faced during the process.
TGI Fridays has been operating in the UK for several decades, offering a casual dining experience with an American theme. The recent closures reflect challenges within the UK's casual dining sector, which has faced increased competition, rising costs, and changing consumer preferences. The company has been exploring options to secure its long-term future in the UK.
Phil Broad, TGI Fridays' Global President, stated that the company had been "working closely to explore all available options for securing the long-term future of TGI Fridays in the UK, and believe that this is the best outcome for the business, preserves jobs, and offers a strong platform for success and growth."
The remaining 33 TGI Fridays restaurants are expected to continue operating under the new ownership. The company has not yet released specific details regarding future plans for these locations.
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TGI Fridays shuttered 16 UK locations, resulting in 456 job losses, as part of a rescue deal where the business was sold to a Sugarloaf-owned company. While 1,384 jobs were saved, the closures highlight the challenges in the hospitality sector and mark a pivotal step in TGI Fridays' turnaround plan for its remaining 33 restaurants.
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