The TGI Friday’s chain of company-owned U.S. restaurants co-owned by TriArtisan Capital Advisors and Sentinel Capital Partners, has filed for Chapter 11 bankruptcy.  The Bank of San Antonio is providing bridging funding while the company restructures.  Currently TGI Friday’s operates 39 company-owned restaurants in the U.S.  The bankruptcy filing does not affect franchised operations that are independently owned and the TGI Friday’s franchisor that owns the brand and intellectual property.  The TGI Friday’s chain posted sales of $728 million in 2023 continuing a downward trajectory associated with suspension of operations in numerous locations since 2021 marking the beginning of COVID restrictions.

Casual dining has undergone a loss of patronage as customers have either moved down-market to QSRs or have continued with a preference for eat-at-home.  Bankruptcies in 2024 have included Red Lobster, essentially the result of self-inflicted mismanagement but also other fast casual chains including Tijuana Flats.