In what must be regarded as an outstanding business-speak oxymoron, the casual dining chain, TGI Fridays, stated in a release that “Closing 36 restaurants as part of its ongoing growth strategy.”  In effect, the company is shedding underperforming locations with seven in New Jersey, six in Massachusetts, five in New York and individual stores in five other populous states. Eight corporate locations will be sold to former CEO Ray Blanchette, who served as CEO for five years through May 2023.

TGI Fridays owned by TriArtisan Capital Advisors, had 260 locations and based on suboptimal shareholder value is obviously undergoing a major change in management and structure. 

Major competitors Applebee’s and Chili’s have expanded in recent years but TGI Fridays has lagged, having offered a uninspiring food and cocktail menu.