TGI Fridays files for bankruptcy protection as sit-down restaurant struggles continue

DALLAS — Restaurant chain TGI Fridays filed for bankruptcy protection Saturday, saying it is looking for ways to “ensure the long-term viability” of the casual dining brand after closing many of its branches this year.
The Dallas-based company filed for Chapter 11 bankruptcy protection in a Texas federal court.

TGI Fridays Executive Chairman Rohit Manocha in a statement said the “primary driver of our financial challenges resulted from COVID-19 and our capital structure.”

Sit-down chain restaurants have more broadly faced challenges in recent years as diners choose to get food delivered or visit upscale fast food chains like Chipotle and Shake Shack.
A U.S. bankruptcy judge in September approved a reorganization plan for seafood chain Red Lobst …