THE BISTRO Group, which operates TGI Fridays in the Philippines, said its operations are not impacted by the bankruptcy filing of TGI Fridays, Inc. in the United States.
TGI Fridays, Inc.’s filing only covers its 39 restaurants in the US and does not include TGI Fridays Franchisor, LLC, which owns the brand and intellectual property, The Bistro Group said in a statement on Monday.
The Bistro Group President Jean Paul Manuud said that TGI Fridays Philippines is “not only stable but thriving.”
TGI Fridays Philippines recently expanded to 30 stores with five new locations and plans to open five more in 2025, he added.
TGI Fridays Philippines is celebrating its 30th anniversary this year.
Under the US Bankruptcy Code, a Chapter 11 bankruptcy allows a company to restructure its finances and operations.
In its filing with the US bankruptcy court for the Northern District of Texas, TGI Fridays, Inc. listed both assets and liabilities in the range of $100 million to $500 million. The US-based company said it had secured financing commitment to support its ongoing operations.
TGI Fridays, Inc. Executive Chairman Rohit Manocha said the company suffered financial challenges due to the coronavirus pandemic as well as its capital structure. — B.M.D. Cruz