Connect with us

Hi, what are you looking for?

FutureMoneyFate.comFutureMoneyFate.com

Business News

TGI Fridays to close 36 ‘underperforming’ locations across the U.S.

TGI Fridays is closing 36 ‘underperforming’ locations across the U.S. as part of a broader restructuring.

The fast-casual eatery said in a release late Wednesday that it is offering at least 1,000 transfer opportunities to employees, which accounts for more than 80% of workers who will be affected by the restaurant closures.

New Jersey is seeing the most TGI Fridays closures; seven will be shuttered there, according to a list shared by a company representative. Six locations are closing in Massachusetts, with five closings in New York and Texas. In Virginia, four TGI Fridays locations will be shut down. Other states seeing closures include California, Colorado, Connecticut, Florida, Maryland and New Hampshire.

The restaurant also said it was selling eight corporate-owned restaurants in the Northeast to its former CEO Ray Blanchette.

“We’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet — and exceed — on [our] brand promise,” Ray Risley, U.S. president and chief operating officer at TGI Fridays, said in the release. “By strengthening our franchise model and closing underperforming stores, we are creating an unprecedented opportunity for Fridays to drive forward its vision for the future.”

The moves come as the privately owned company recently brought in a new leadership team, including CEO Weldon Spangler in October, who previously served in executive roles at Subway, Dunkin’, Papa Murphy’s and Starbucks.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” Spangler said in the release.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

This post appeared first on NBC NEWS

You May Also Like

Stock News

In this episode of StockCharts TV‘s The Final Bar, Tony Dwyer of Canaccord Genuity talks Fed policy, corporate bond spreads, and why the level of interest...

Stock News

SPX Monitoring Purposes: Long SPX 8/9/23 at 4467.71. Long SPX on 2/6/23 at 4110.98: Sold 6/16/23 at 4409.59 = gain of 7.26%. Gain since...

World News

The vote in Ohio this week significantly set back Republican efforts to restrict abortion rights, no question. Voters strongly rejected Issue 1, which would...

Investing News

Lithium demand is expected to increase significantly in the coming decades as the world turns to greener sources of energy to meet its net-zero...