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UAE: TGI Fridays’ operations not affected after company files for bankruptcy in US

The company sought Chapter 11 protection after grappling with prolonged financial challenges and a collapsed deal with UK-based Hostmore

Published: Thu 7 Nov 2024, 8:59 AM

Updated: Thu 7 Nov 2024, 9:00 AM

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Photo: Reuters

Photo: Reuters

TGI Fridays’ businesses in the UAE and other GCC countries have not been affected since the company’s Chapter 11 bankruptcy filing in the US.

Americana Restaurants, the exclusive franchise partner for TGI Fridays in the UAE, Kuwait, Bahrain, Qatar, Saudi Arabia, and Egypt, issued a statement on Thursday, assuring customers, stakeholders, and shareholders that TGI Fridays will continue to operate seamlessly in these markets.

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“Our business has no impact as a result of the Chapter 11 filing by TGI Fridays Inc. on November 2, 2024, in Dallas, Texas,” the company said.

On Sunday, the US-headquartered casual dining chain TGI Fridays filed for Chapter 11 bankruptcy protection after grappling with prolonged financial challenges and a collapsed deal with UK-based Hostmore.

After the bankruptcy announcement, the company said that all of the franchise locations, both domestic and international, would be operating as usual.

“Americana Restaurants operates under the franchise agreement with TGI Fridays Franchisor, which is separate from TGI Fridays Inc and is not impacted by this restructuring in the US. TGI Fridays Franchisor has partnered with 56 franchisees in 41 countries. As these locations are independently owned, they are not affected by TGI Fridays Inc’s Chapter 11 filing,” Americana Restaurants said.

Americana Restaurants is listed on the Abu Dhabi Securities Exchange and Saudi Stock Exchange. Its portfolio includes a range of iconic global brands, including KFC, Pizza Hut, Hardee’s, Krispy Kreme, Peet’s Coffee, Wimpy, TGI Friday’s, Costa Coffee and Baskin Robbins.

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