Restaurant chain TGI Fridays filed for bankruptcy protection, citing a problematic capital structure and fallout from the Covid-19 pandemic.
The Texas-based bar-and-grill chain, which for years has been shedding sales in the U.S., filed for chapter 11 bankruptcy Saturday in the U.S. Bankruptcy Court in Dallas. TGI Fridays has lined up a loan from the Bank of San Antonio, its lender, to provide funding while it is in bankruptcy, according to a court filing by the company.