TGI Fridays has announced that it is planning on selling 247 restaurants across the country in an effort to minimize expenses.
"This new structure is a natural step in the evolution of the Fridays brand, and is in full alignment with our broader strategic plan," TGI Fridays CEO Nick Shepherd said, according to Fortune.
Analysts have suggested the move will also eliminate broader risks associated with employee issues, taxes and micro-managing. Other large restaurant franchises, like Dunkin Donuts and Burder King, have made similar attempts to sell chain locations.
The announcement comes alongside recent changes in restaurant designs, menu options and overall marketing aimed at bringing in more franchisees.
Over 90 TGI Fridays restaurants have been remodeled and are preparing for more changes.
"It mitigates the risk for the restaurant company," restaurant analyst Steve West also told Fortune.
TGI Fridays, which was sold last summer to TriArtisan Capital Partners and Sentinel Capital Partners, has not publicly commented on the franchise ownership changes.
The restaurant chain was founded and is based in New York City.
