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American restaurant chain From Wikipedia, the free encyclopedia
TGI Fridays Franchisor, LLC, doing business as TGI Fridays,[a] is an American casual dining restaurant chain focusing primarily on American cuisine.[8] The restaurant's founder said the name stood for "Thank God It's Friday", although the chain's television commercials as of 2010[update] bowdlerized the phrase as "Thank Goodness It's Friday".[9] TGI Fridays operates over 600 locations in 55 countries,[2][3] including 164 in the United States as of October 2024[update].[10] The chain filed for bankruptcy in the United States on November 2, 2024. Only the 39 restaurants directly owned by TGI, not franchised locations, are affected by the bankruptcy filing.
| |
| TGI Fridays | |
| Company type | Private |
| Industry | Restaurants |
| Genre | Casual dining |
| Founded | March 15, 1965 New York City, U.S. |
| Founder | Alan Stillman and Daniel R. Scoggin |
| Headquarters | Dallas, Texas, U.S.[1] |
Number of locations | 600+ (as of June 2023)[2][3] 164 (U.S. as of 28 October 2024[update])[4] |
Area served | Worldwide (except for Sub-Saharan Africa) |
Key people | Weldon Spangler (CEO)[5] |
| Products | Steaks, chicken, seafood, pasta, burgers, sandwiches, salads[6] |
| Revenue | $728 million (2023)[7] |
| Owner | TriArtisan Capital Advisors |
Number of employees | 11,000 (2021) |
| Website | tgifridays |
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In 1965, Alan Stillman opened the first TGI Fridays restaurant in Manhattan. He lived on 63rd Street between First and York Avenues,[11] in a neighborhood with many airline stewardesses, fashion models, secretaries, and other young, single people on the East Side of Manhattan near the Queensboro Bridge. He hoped that opening a bar would help him meet women. Stillman's choices for socializing were non-public cocktail parties or guys' beer-drinking hangout bars that women usually would not visit; he recalled that "there was no public place for people between, say, twenty-three to thirty-seven years old, to meet." He sought to recreate the comfortable cocktail party atmosphere in public despite having no experience in the restaurant business.[12][11]
With US$5,000 of his own money and $5,000 borrowed from his mother,[12] Stillman purchased a bar he often visited, The Good Tavern at the corner of 63rd Street and First Avenue, and renamed it TGI Fridays after the expression "Thank God it's Friday!" from his years at Bucknell University.[13][14] The restaurant opened on March 15, 1965, serving standard American cuisine, bar food, and alcoholic beverages,[11] and emphasized food quality and preparation.[13]
The exterior featured a red-and-white striped awning and blue paint; the Gay Nineties interior included Tiffany-style lamps, wooden floors, Bentwood chairs, and striped tablecloths; and the bar area added brass rails and stained glass. The employees were young men: handsome jocks in form-fitting red-and-white striped soccer shirts;[13][15] when a patron was celebrating a birthday, the entire restaurant crew came around with a cake and sang TGI Fridays' traditional birthday song. Footage of interviews with patrons from this TGI Fridays was featured in Robert Downey Sr.'s film No More Excuses (1968).[16] The first location closed in 1994[12] and became a British-style pub called "Baker Street".[citation needed]
Although Malachy McCourt's nearby Malachy's singles bar preceded TGI Fridays[17] and Stillman credited the media for creating the term, he had unintentionally created one of the first singles bars. It benefited from the near-simultaneous availability of the birth-control pill and Betty Friedan's book The Feminine Mystique:[13][12][11]
I don't think there was anything else like it at the time. Before TGI Fridays, four single twenty-five-year-old girls were not going out on Friday nights, in public and with each other, to have a good time. They went to people's apartments for cocktail parties or they might go to a real restaurant for a date or for somebody's birthday, but they weren't going out with each other to a bar for a casual dinner and drinks because there was no such place for them to go.[11]
TGI Fridays was one of the first to use promotions such as ladies' night,[13] and Stillman achieved his hopes of meeting women; "Have you seen the movie Cocktail? Tom Cruise played me!...Why do girls want to date the bartender? To this day, I'm not sure that I get it."[11] He and the restaurant benefited from its location—according to Stillman, 480 stewardesses lived in the apartment building next door[12]—and received publicity in national magazines. TGI Fridays became so popular that it had to install ropes to create an area for those waiting in line, also unusual at the time for a restaurant. A competitor, Maxwell's Plum, opened across the street, and others soon followed.[11]
With fellow Bucknell University graduate Ben Benson,[14] Stillman opened other restaurants, including Tuesday's, Thursday's, Wednesday's, and Ice Cream Sunday's. Franchising of TGI Fridays began two years after the Manhattan location opened, in a since-closed location in Memphis, Tennessee's[11] Overton Square district.
In 1971, Daniel R. Scoggin acquired the rights to eight major Midwest cities. In 1972, he opened with the first of a new prototype in Dallas. The raised square bar and multilevel dining became the company standard. Dallas doubled the sales and tripled profits of TGI Fridays' previous best.[citation needed] Families began visiting the new suburban locations during the day for casual food; "it took six or seven years, but T.G.I. Fridays became a very different animal", Stillman said.[11] Attracted by this performance, he merged into the Dallas franchise forming TGI Fridays, Inc., and Scoggin was the CEO for the next 15 years. Scoggin is credited with the then-new 200 seat prototype and many of the TGI Fridays innovations including a large from-scratch menu, potato skins, bartender Olympics, and frozen drinks.
In 1975, the company was sold to Carlson Companies, and Stillman and the original investors departed. Stillman kept the original location and, now married, founded Smith & Wollensky in 1977 with Benson. Scoggin continued as CEO on an earn-out contract and finalized his sale in 1980,[18][12][11][14][19][page needed][20] signing a new contract to continue as the company's CEO.
When the company was passing through the 100-store mark, it issued an initial public offering in 1983 with Goldman Sachs. Scoggin developed the first international franchise and the template for future international development. The first restaurant was opened in the UK with Whitbread PLC.[when?] By the time Scoggin departed in 1986, the company had widened its appeal: alcohol consumption was de-emphasized, and quality was emphasized over quantity. The company became privately held again in 1989.[13] The focus was then switched from singles to families.
A brand extension, combining the TGI Fridays concept with the atmosphere of a sports bar, called "Fridays Front Row Sports Grill", is found at two Major League Baseball stadiums which each overlook the playing field: Chase Field in Phoenix, Arizona and Miller Park in Milwaukee. There was also a Friday's Front Row Grill for a few seasons at Globe Life Park, then the Texas Rangers home field.
The chain peaked in 2008, having 601 restaurants in the US generating $2 billion in revenue.[7] By 2023, sales had fallen to $728 million.[7]
In October 2009, Haymarket broke the world record for biggest profit made in any week, throughout TGI Fridays' history, and it has been home to several past winners from the bartenders Olympics, a contest started by Scoggin.[21]
On May 20, 2014, TGI Fridays was resold to Sentinel Capital Partners and TriArtisan Capital Partners.[22] In October 2019, TriArtisan bought out Sentinel's remaining stake.[23]
Allegro Merger began working towards taking Fridays public in 2019, buying it away from MFP Partners and TriArtisan Capital,[24][25] but withdrawing in April 2020.[26]
Utz Quality Foods entered a marketing agreement with Inventure Foods in 2017 to use the "TGI Fridays" name for some of its snacks.[27]
In the UK, TGI Fridays re-branded to "Fridays", dropping the "TGI" prefix during 2020.[28] About three years later, the naming reverted to "TGI Fridays".[29]
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In March 2022, the first "Fridays and Go", a takeaway and quick service version[30] of TGI Fridays, launched in Dundee, Scotland.[31] Despite initial plans to open up to thirty other branches,[30] it remained the sole example[32] until it closed in October 2024 following the sale of the bankrupt UK franchise.[33]
In October 2023, the operator of all of the TGI Fridays locations in Brazil, SouthRock Capital, declared bankruptcy, continuing to operate most TGI Fridays locations normally while closing a few underperforming ones, while restructuring through the bankruptcy procedure.[34]
On January 4, 2024, the US chain abruptly closed 36 underperforming restaurants and sold eight more to former CEO Ray Blanchette. Most employees were offered transfer to other locations.[35][36]
In April 2024, Fridays entered an agreement to combine US franchises with those in the UK and go public on the London Stock Exchange. The franchises were run by Hostmore LLC and sold by MFP Partners.[37]
Friday's entered a licensing agreement with Kraft Heinz in May of 2024 to sell Fridays-branded appetizers in supermarkets.[38]
In September 2024, the operator of the UK chain went into administration,[39][40] putting an estimated 4,500 jobs at risk.[41] A rescue deal agreed the following month included 51 sites, but excluded 35 which closed with immediate effect and 1,012 job losses.[42]
On October 19, 2024, TGI Fridays announced it was seeking financing as it warned that it was preparing to file for Chapter 11 bankruptcy in the United States within the coming weeks. The company blamed its failed turnaround caused by rising interest rates, increased competition and heavy debt.[43] On November 2, 2024, TGI Fridays filed for Chapter 11 bankruptcy.[44][45] The company's press release specifically cited its capital structure as one primary driver of its bankruptcy filing.[46]
TGI Fridays is a franchising operation, with franchisees owning most of the outlets. In 2011, the largest franchisee was The Briad Group in New Jersey, which ran 72 restaurants in six states.[56][57] Briad sold its franchises in 2020.[57]
Whitbread PLC, with 45 locations in the United Kingdom, was a major international franchisee until 2007. On January 17, 2007, Whitbread sold operating rights of all 45 restaurants back to TGI Fridays UK Limited (a consortium consisting of Carlson Restaurants Worldwide Inc. and ABN Amro Capital) thus exiting a partnership formed in 1986.[58]
TGI Fridays has also been used as a restaurant for hotels run by Country Inns & Suites by Carlson brand.[citation needed] In 2014 the investment trust Electra Private Equity bought Fridays' British subsidiary with 66 sites across the UK. In 2021 Electra spun off its hospitality business, including Fridays in the UK, as Hostmore PLC.[59] On 18 September 2024 Hostmore PLC entered administration; all UK restaurant locations were offered for sale.[60][61] 51 sites were sold the following month, while a further 35 closed.[42]
| Country | Number of franchises | Notes and references |
|---|---|---|
| Argentina | 2 | [64] |
| Brazil | 11 | [65] |
| Canada | 2 | [66] |
| Chile | 2 | [67] |
| Costa Rica | 2 | [68] |
| Dominican Republic | 2 | [69] |
| Ecuador | 3 | [70] |
| Guatemala | 3 | [71] |
| Honduras | 4 | |
| Jamaica | 1 | [72] |
| Nicaragua | 1 | |
| Mexico | 2 | [73] |
| Panama | 8 | [74] |
| Paraguay | 4 | [75] |
| Peru | 17 | [76] |
| Trinidad and Tobago | 4 | [77] |
| United States | 164 (as of October 2024[update]) | [78] |
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| Country | Number of franchises | Notes and references |
|---|---|---|
| Azerbaijan | 1 | |
| Bahrain | 2 | [62][63] |
| China | 2 | |
| India | 3 | [79] |
| Indonesia | 1 | |
| Japan | 13 | [80] |
| Kuwait | 10 | [62][63] |
| Malaysia | 10 | [81] |
| Philippines | 27 | [82] |
| Qatar | 3 | [62][63] |
| Russia | 1[b] | [83] |
| Saudi Arabia | 18 | [62][63] |
| Sri Lanka | 2 | |
| Taiwan | 16 | [84][85] |
| United Arab Emirates | 11 | [62][63] |
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The newer TGI Fridays franchises (as well as redesigned restaurants) are more contemporary, with wallpaper, granite exteriors, and red-and-white striped lamps instead of Tiffany. The exteriors have stucco, the entrance doors have F-shaped handles, and a metal cup above the door has a stripe saying "In Here, It's always Friday". The logo design was evolved in 2013 by Jane MacDowall and her creative team in Scotland. Most TGI Fridays have a propeller and a rowing scull on display as part of their antiques, which are actually a part of a story told to all TGI Fridays employees; the scull always contains a pair of saddle shoes and a bottle of champagne to remind employees of the value of teamwork, leadership, and celebrating success. The propeller is always above or near the bar. The thought is that the bar "propels" the restaurant.
Fridays has a large menu with an emphasis on alcoholic beverages.[100][failed verification] These drinks come in liquid as well as frozen form and TGI often runs specials or creates unique drinks based on seasonality and location.
TGI Fridays formerly served Atkins-approved appetizers, entrées, and desserts.[101] In 2006, the Atkins name was removed from the menu when Atkins filed for bankruptcy,[102] but the restaurant continues to offer both low-carbohydrate and low-fat menu items. The UK and US menus offer gluten-free items.[103]
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