The end of an era? The face of TGI Fridays is collapsing with all restaurant sales

It appears that TGI Fridays, a name synonymous with casual dining and American classics, is falling on hard times.

Recently, all 87 restaurants in the UK have been sold, and there is talk about the collapse of the chain.

Here's what's happening and what it might mean for TGI Fridays fans.

A brief history of TGI Fridays

TGI Fridays began in 1965 in New York City, aiming to deliver a fun, casual dining experience with a menu full of American favorites.

It arrived in the UK in 1994 and quickly became popular, especially for celebrations such as birthdays and cocktail nights. With 87 locations, it has been a destination for many years.

What caused the recent problems?

The crisis began when Hostmore, the company that owns TGI Fridays in the UK, saw its share price fall by more than 90%.

Hostmore had planned to merge with US-based TGI Fridays Inc to create a larger company that would remain listed in London.

However, when they abandoned the plan after a change in management, their share price fell.

Since the beginning of this month, it has dropped by 96%, making them unprofitable for the company.

Hostmore announced that all 87 TGI Fridays restaurants are now sold out.

The goal is to transition to a fully functional model, but they don't expect to return a large amount from the sale of these restaurants.

Fold in management

To make matters worse, Hostmore has now fallen into administration. They have appointed administrators from Teneo to oversee the sale of the restaurants.

Despite the worrying news, restaurants are still open for now. However, it is not clear how many will survive in the long run or if another chain will come in to take over the other places.

What does this mean for customers?

In the meantime, if you're a fan of TGI Fridays, the restaurants are still open, so you can still enjoy their classic dishes.

However, with the entire chain up for sale and facing an uncertain future, it could mean more changes are on the way.

Whether this means a new owner, a rebrand, or a shutdown, it's too early to say.

Future of TGI Fridays

Hostmore's reform efforts have faced many challenges, including a difficult economic climate.

Despite cutting costs and trying to improve the business, the plan to merge with US TGI Fridays was successful, leaving them in a difficult position.

It appears that the owner of TGI Fridays has taken back the royalty rights to the brand, leaving Hostmore without access to the TGI Fridays name.

The sale of the restaurants is expected to close by the end of the month, but it is uncertain what this will look like.

For now, it's a waiting game to see what the future holds for this brand.