The end of an era? TGI Fridays is facing collapse, with all of its restaurants for sale

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Recently all 87 TGI Fridays restaurants in the UK were put up for auction, and it’s been suggested that the chain could collapse. Here’s the latest and what this could mean for TGI fans. It was introduced to the UK in 1995 and became very popular for special occasions like birthdays or cocktail nights. What’s the cause of the recent problems? Hostmore planned to merge TGI Fridays Inc., a US-based company, with itself to create a bigger company listed in London. However, after a management change, they abandoned this plan and their share price plunged.

Since the start of this month, it has fallen by 96%, leaving them with little value in the company.Hostmore announced that all 87 TGI Fridays restaurants are up for sale.

The goal is to transition into a fully franchise-operated model, but they don’t expect to recover much value from the sale of these restaurants.

Collapse into administration

To make things more complicated, Hostmore has now collapsed into administration. Teneo has been appointed to oversee the sale. The restaurants will remain open despite the disturbing news. However, it’s unclear how many will survive long-term or if another chain might step in to take over some locations.

What does this mean for customers?

For now, if you’re a TGI Fridays fan, the restaurants are still open, so you can still enjoy their classic dishes. It’s possible that some changes will be made to the chain, as it is up for sale.

Whether this means a new owner, a rebrand, or even closures, it’s still too early to say.

The future of TGI Fridays

Hostmore’s efforts to turn things around have faced many challenges, including a tough economic environment. The plan to merge the US TGI with Hostmore failed despite efforts to reduce costs and improve the business. This left them in a tough spot. The sale of restaurants should be completed by the end this month. However, it is not clear what the final outcome will be. For now, we’re waiting to see what this iconic brand will look like in the future. Money-making enthusiast and father to Naomi. He’s always on the lookout for new ways to make a little more money.

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