TGI Friday's files for bankruptcy
Following in Red Lobster's clawsteps, TGI Friday's is cooked. The casual dining chain filed Saturday for bankruptcy protection after "abruptly" closing about a third of its locations. About half have closed in total this year.
[John] Bringardner told CNN that the chain's dwindling location count, changing consumer preferences and lower-cost competition from fast food has left the company "unable to service its debt" and that a filing could come in November before the next round of lease payments for its remaining restaurants.
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