TGI Fridays Owner Files for Administration as 87 Restaurants Face Closure

Popular Restaurant Chain Faces Financial Crisis

Casual dining chain TGI Fridays' UK owner has collapsed into administration, putting 87 restaurants and 6,000 jobs at risk. The company, owned by private equity firm Electra Private Equity, appointed administrators KPMG on Tuesday, August 22, 2023.

Reasons Behind the Collapse

Several factors are thought to have contributed to TGI Fridays' financial difficulties, including:

• Increased competition from other casual dining chains
• Rising costs of food and labor
• Shifting consumer dining habits

The company had been struggling for several years and had previously closed a number of its UK restaurants.

Administrators Seek Sale of the Business

The administrators are now seeking a buyer for the business and hope to find one that will keep the majority of the restaurants open. However, it is possible that some restaurants will need to close, with the loss of jobs.

Uncertain Future for Employees and Customers

The collapse of TGI Fridays is a blow to employees and customers. The company's employees are now facing an uncertain future, with the possibility of losing their jobs. Customers may also be disappointed to see their favorite restaurant close.

Related News

• BBC News: TGI Fridays owner collapses into administration
• The Guardian: TGI Fridays owner in administration, putting 6,000 jobs at risk