A U.S. bankruptcy judge has approved TGI Fridays’ plan to exit 78 restaurant leases and its Dallas headquarters office lease, saving the chain about $1.4 million per month. This move follows the closure of several locations and TGI Fridays’ Chapter 11 filing due to financial struggles linked to the pandemic and its capital structure. The bankruptcy case does not affect the 122 U.S. franchised locations or 316 international franchised restaurants, as they are independently owned.
After exiting these leases, TGI Fridays will operate only 39 company-owned U.S. locations, down from 117 before bankruptcy. An attorney for the chain stated that TGI Fridays retains the right to reject additional leases during the proceedings. The court also approved $3.3 million in interim debtor-in-possession financing.
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