TGI Fridays Announces Ambitious Global Comeback Strategy
For decades, TGI Fridays stood as a pioneering force in American dining and nightlife, famously credited with creating iconic staples like the Long Island Iced Tea and loaded potato skins. However, the chain then endured nearly two decades of significant challenges, marked by declining sales, widespread restaurant closures, and a bankruptcy filing in 2024 that pushed the once-dominant brand into survival mode.
Now, TGI Fridays—founded in New York City in 1965—declares it is ready to wager heavily on a dramatic resurgence. The company has unveiled aggressive plans to expand its global footprint to 1,000 restaurants by the year 2030, while simultaneously aiming to boost annual sales back to the $2 billion mark. This ambitious target would restore the chain to a scale comparable to its peak performance in 2008.
Expert Analysis: A Cautious Outlook on Recovery
In an exclusive interview with the Daily Mail, Neil Saunders, managing director of GlobalData Retail, offered his perspective on the planned revival. 'If TGI Friday's pull off their stated ambitions it would represent a significant comeback for the brand,' Saunders stated. Nevertheless, he issued a note of caution, highlighting that 'there is no guarantee of success as a lot of unfavorable dynamics continue to hold the casual dining sector back.'
Saunders observed that the company appears to be approaching its recovery with a sharper, more focused strategy than in previous years. 'TGI Fridays seems to be aware of this which is why it is looking at specific locations - like travel spots - that are underserved,' he explained. He further noted the strategic advantage of their franchising model, adding, 'their franchising model also helps with rapid expansion,' and emphasized that 'these things show they are being smart about growth and not just trying to replicate what they did before bankruptcy.'
A Legacy Brand Navigating Modern Challenges
Today, TGI Fridays operates fewer than 80 locations across the United States, a stark reduction following hundreds of closures since the pandemic and its 2024 bankruptcy proceedings. Globally, approximately 400 restaurants remain operational. According to Ray Blanchette, CEO of TGI Fridays, the central challenge lies in modernizing the brand without sacrificing the core elements that originally made it famous.
'Our focus as we accelerate growth is to resonate with the next generation of consumers while preserving the classic Americana feel and signature experience that has made the brand beloved,' Blanchette asserted.
This renewed push for expansion follows a painful and extensive restructuring period. In 2024, TGI Fridays filed for Chapter 11 bankruptcy protection and closed hundreds of restaurants, leaving it with a mere 79 outlets in the US. The brand's origins trace back to 1965 when restaurateur Alan Stillman opened the first TGI Fridays in Manhattan as one of America's pioneering singles bars—a venue designed to blend cocktails, social interaction, and a perpetual 'always Friday' atmosphere.
From Cultural Icon to Financial Struggles
The chain's distinctive red-and-white striped aesthetic was inspired by the Barnum & Bailey Circus, and it rapidly became synonymous with innovative cocktails. Its cultural influence even extended to Hollywood, with TGI Fridays staff providing training to Tom Cruise for his role in the film 'Cocktail.'
At its zenith in 2008, TGI Fridays operated 601 restaurants throughout the United States, reported $2 billion in sales, and boasted roughly 300 international locations. This period proved to be the brand's high-water mark. The downturn commenced in 2009 as the United States entered a severe economic recession. Sales plummeted sharply, and the domestic restaurant count contracted to 480 locations.
The decline accelerated dramatically during the Covid-19 lockdowns of 2020 and worsened again in 2021 as food and labor costs surged amid the global reopening. 'The primary driver of our financial challenges resulted from Covid and our capital structure,' explained executive chairman Rohit Manocha following the 2024 bankruptcy filing.
Strategic Leadership and Future Growth Areas
As a cornerstone of its comprehensive turnaround strategy, hospitality industry veteran Phil Broad has been appointed president of the global TGI Fridays brand. Broad previously served as managing director of TGI Fridays UK from 1997 to 2001 and returned to the company in April 2025 as president of international franchising.
Former CEO Ray Blanchette also rejoined to lead the company in 2025, striking an optimistic tone regarding its future prospects. Blanchette, who served as CEO from 2018 to 2023, affirmed that the brand's core identity has endured despite years of significant upheaval.
'Over the past decade, our business - and the category at large - has faced challenges,' he acknowledged. 'Yet the essence of Fridays - our culture, values, and people - remains strong. We're bringing the fun back to Fridays and giving people more reasons to gather and celebrate.'
Blanchette has also indicated that airport and hotel-based locations could represent a crucial growth area in the post-bankruptcy era. He highlighted the particular success of the TGI Fridays outlet at the Hilton Garden Inn in Hollywood, California, as a promising model for future expansion.
