TGI Friday’s Inc. and 23 of its subsidiaries filed for Chapter 11 bankruptcy protection in the Northern District of Texas over the weekend.
In its bankruptcy petition, TGI Friday’s claims $100 million to $500 million in debts and the same range for assets. The Dallas-based company owns 39 actual bar-and-grill restaurants across the U.S. None of the TGI Friday’s franchised operations are part of the Chapter 11.
TGI Friday’s hired Foley partner Holland “Holly” O’Neil in Dallas as its counsel, along with Ropes & Gray.
The company hired Berkeley Research Group’s Kyle Richter as its chief restructuring officer.
The case has been assigned to NDTX Chief Bankruptcy Judge Stacey Jernigan.
In its filing, TGI Friday’s blamed its financial issues on the impact of the Covid-19 pandemic and an overwhelming capital structure. The Bank of San Antonio has provided a debtor-in-possession loan to TGI Friday’s as it restructures in Chapter 11.
Among TGI Friday’s listed creditors include:
- Door Dash for $854,500.14;
- Brookwood Interchange Office of Dallas for $540,633;
- Touching Humans of Plano for $273,561;
- Addison Quorum Partners for $264,554;
- DFW Airport for $260,038; and
- USA Today for $275,000.
The case is In re: TGI Friday’s Inc., NDTX, No. 24-80069.