TGI Friday’s Is Latest Casual Dining Chain to Go Bankrupt (1)

Casual restaurant chain TGI Friday’s Inc. filed for bankruptcy protection after struggling to turn around a business pressured by increasingly cost conscious consumers who’ve either become more selective when dining out, or prefer competitors that provide faster food.

The company filed Chapter 11 on Nov. 2 in the Northern District of Texas, listing assets of between $100 million and $500 million and liabilities of between $100 million and $500 million on its bankruptcy petition.

“The primary driver of our financial challenges resulted from Covid-19 and our capital structure,” Rohit Manocha, the chain’s executive chairman, said in a separate statement ...