Six TGI Fridays restaurants have suddenly shut their doors, and the company's CEO has announced that another 36 locations might soon face the same fate. In Massachusetts, patrons received unexpected notices indicating that the eateries were closing for good.
Notices were placed on the doors of the affected TGI Fridays restaurants, each with the same announcement. The message stated, "We regret to inform you that as of January 2, 2024, this Friday's location has closed."
"We are extremely grateful to our loyal guests and to the staff. We invite you to visit our other Friday locations in Stoughton and Braintree. We look forward to serving you there." These shutdowns account for almost half of the TGI Fridays outlets in the state.
Also Read: A Major Step for Worker Rights: Minnesota's Paid Sick Time Law Implemented
TGI Fridays Major Changes Including Closure of 36 Underperforming Stores
TGI Fridays has announced the closure of 36 "underperforming" restaurants as a part of its strategy for future growth. This plan also includes significant changes in its executive team and the sale of some outlets back to the company's former CEO.
The chain provided CNN with a list of the shut-down locations spanning 12 states. New Jersey leads with seven closed restaurants, Massachusetts with six, and New York with five closures.
Before these closures, TGI Fridays operated approximately 270 locations across the US, a number decreasing over recent years. The company mentioned that roughly 80% of the affected employees have been offered the chance to transfer to other locations.
Ray Risley, the US President, and Chief Operating Officer of TGI Fridays, stated in the press release, "Our top priority has always been delivering a superior experience for every TGI Fridays guest. We've identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet - and exceed - on that brand promise."
Fridays have announced that they have offered jobs at different locations to 1,000 employees affected by the recent store closures. This number represents 80% of the total workforce from the closed restaurants.
The recent shutdowns have resulted in TGI Fridays operating around 650 restaurants across 51 countries.
TGI Friday's Undergoes an Era of Transformation
The recent shutdown is part of what the company describes as "an era of transformation."
These changes come after the appointment of Weldon Spangler as the new CEO and Ray Risley as the U.S. President and COO towards the end of last year. Spangler became the fourth CEO of the company in 2023 alone.
This series of rapid changes started in May when Blanchette left the company, handing over the interim leadership to Rohit Manocha, co-founder of TriArtisan Capital Advisor, the chain's leading investor.
Manocha stepped down from the position in late August, making way for Brandon Coleman III, who resigned after two months due to personal reasons. Spangler then took over in October.
The purchase price paid by Blanchette for the eight TGI Fridays stores was not disclosed.
These locations, all situated in the Northeast, were previously corporate-run but will now operate as franchised stores under Blanchette's management.
In addition to his role at TGI Friday's, Blanchette has also been at the helm of several other well-known restaurant brands, including Ruby Tuesday, Au Bon Pain, and Ignite Restaurant Group, which was the parent company of Joe's Crab Shack, Brick House Tavern, and Romano's Macaroni Grill.
Related Article: Los Angeles Dessert Shop Sweet Lady Jane Ends Operations, Overwhelmed by Rising Expenses
