The iconic American restaurant chain TGI Fridays has unveiled an ambitious global strategy to stage a dramatic recovery, just over a year after filing for Chapter 11 bankruptcy protection in the United States. The company is now targeting annual revenues of $2 billion by 2030 and plans to open more than 1,000 new restaurants worldwide as part of its revitalisation.
From Bankruptcy to a Billion-Dollar Vision
In January 2026, the company's leadership announced a "bold, global growth vision" dubbed the "1-2-3 Strategic Vision". This marks a stark turnaround from its low point in 2024, when it entered Chapter 11 bankruptcy. The chain attributed its financial collapse to a perfect storm of rising interest rates, intense market competition, and a debt burden exceeding $37 million. This led to the closure of more than half of its US locations prior to the bankruptcy filing, as reported by National Restaurant News.
The brand's struggles were compounded by the COVID-19 pandemic, which forced widespread operational changes across the hospitality sector. The new strategy is a direct response to these challenges, aiming to rebuild the business on a more robust and expansive foundation.
A Four-Pillar Plan for Revival
The core of the comeback plan rests on four strategic pillars designed to secure future growth. These are: aggressive global expansion through new store openings, enhanced support for franchisees to boost profitability, significant investment in employee training and incentive programmes, and a concerted effort to regain cultural relevance with modern diners.
CEO Ray Blanchette stated the goal is to connect with a new generation while honouring the brand's heritage. "Our focus as we accelerate our growth is to resonate with the next generation of consumers while preserving the classic Americana feel and signature experience," he said. "We honor the heritage of the Fridays brand while appealing to today’s guests who crave bold flavors, high-energy experiences, and reasons to celebrate every day."
Leadership and Global Ambitions
To spearhead this international push, the company has appointed hospitality veteran Phil Broad as President of its global brand. Broad is no stranger to TGI Fridays, having served as managing director for its UK operations from 1997 to 2001. He rejoined the company in April 2025 as President of International Franchising before taking on this expanded role.
This announcement of growth comes alongside news of contraction in one of its key markets. The company recently confirmed it is closing 16 restaurants in the UK, resulting in the loss of 456 jobs. Despite this localised streamlining and its recent past difficulties, TGI Fridays remains a substantial global operator, with a presence of almost 400 restaurants across 40 countries.
The planned rollout of over a thousand new locations represents a huge vote of confidence in the enduring appeal of the brand's casual dining formula. The success of this aggressive strategy will determine whether TGI Fridays can truly transform its near-collapse into a sustained, multi-billion dollar resurgence by the end of the decade.
