In September, the company lost most of its assets after failing to submit documents to bondholders within the deadline. A few days later, British operator Hostmore decided to withdraw from its plans to acquire TGI Fridays and quickly closed 35 restaurants. It has also filed for the British version of bankruptcy.

However, the company’s financial problems are nothing new. The restaurant chain has struggled with slow sales and closures — including nearly 50 in the U.S. alone since early 2024. There are 215 locations still in operation, but that’s a far cry from the 386 restaurants operating in May 2020.

However, this doesn’t necessarily mean the end of TGI Fridays as we know it. Even after a restaurant chain files for bankruptcy, a lot can happen. Red Lobster, for example, is trying to make its own comeback. In July, RL Purchaser LLC, backed by Fortress Investment Group, invested $376 million to acquire the seafood chain’s assets. The deal was later approved by the court in September, giving the green light for restructuring.

Red Lobster is certainly not a lost cause; Fortress has a history of reviving flailing restaurant chains from the trenches of bankruptcy. That’s already happened with Logan’s Roadhouse, Old Chicago Pizza and Twisted Tenders, all of which were revived after financial troubles. Maybe they can swoop in and save TGI Fridays afterward.

Megan Schaltegger is a writer from New York. She loves strong coffee, eating her way through Manhattan food culture and her dog Murray. She promises not to talk about herself in the third person (IRL).