CINCINNATI (WKRC) - -- Reports have starting rolling in that the TGI Fridays restaurant chain could be rapidly approaching bankruptcy.

TGI Fridays has been on a downward spiral since the company was removed as the manager of its whole business securitization last month by trustees, Debtwire reported, causing the company to lose control of the majority of its assets. That decision was influenced by struggling sales, which has led to the closure of over 12 locations since September.

Unfortunately, it seems that the restructuring wasn't enough, as Bloomberg reported the company is now in talks with lenders to possibly file Chapter 11 bankruptcy to attempt to solve major issues and return as a functioning company.

No formal decisions or announcements have been made at this time, but Debtwire predicted the bankruptcy (if it is coming) would be filed within weeks.

If TGI Fridays does decide to file for bankruptcy, it will be the third casual dining restaurant chain to do so in 2024, preceded by Red Lobster and Buca di Beppo.