As part of a more significant restructuring effort, TGI Fridays is closing 36 "underperforming" locations, the company said in a statement on Wednesday.
Business Shutdown of Underperforming Branches
TGI Fridays is closing the most locations in New Jersey, with seven shutdowns, followed by six in Massachusetts, five in New York and Texas, and four in Virginia. Other states affected by closures include California, Colorado, Connecticut, Florida, Maryland, and New Hampshire.
The privately owned company will sell eight corporate-owned restaurants to TGI Fridays' former CEO Ray Blanchette, who served as chief executive until last year, to optimize and streamline operations, reinforcing its franchise model and closing underperforming stores to advance its vision.
Employees' Relocation
Employees at impacted restaurants can transition to positions at other locations. The chain has announced that over 1,000 workers, constituting around 80% of those employed at the closing restaurants, will be provided with transfer opportunities. About 1,250 workers will be impacted by the restaurant closures, primarily in Massachusetts, New Jersey, New York, Texas, and Virginia.
Organizational Restructure
The company has made strategic decisions following the appointment of a new leadership team in October. CEO Weldon Spangler, who previously held executive roles at Subway, Dunkin', Papa Murphy's, and Starbucks, is part of this new leadership team.
CEO Spangler expressed optimism about TGI Fridays' future as they continue the transformation to revitalize the brand and implement a long-term growth strategy for the company, emphasizing that TGI Fridays is at a pivotal moment, enabling them to explore significant advancement, expansion, and innovation to maintain the delivery of the beloved 'That Fridays Feeling' known to their fans.
The abrupt decision comes after recent changes in the leadership of the casual bar and grill chain, including the appointment of Weldon Spangler as CEO, succeeding Blanchette, who departed in May.
List of Branches for Closures
Here is a list provided by the company to CBS MoneyWatch detailing the TGI Fridays locations where restaurants will be closing:
- Fresno, California
- Denver, Colorado
- Longmont, Colorado
- Newington, Connecticut
- Ormond Beach, Florida
- Royal Palm, Florida
- Bowie, Maryland
- Columbia, Maryland
- Berlin/Marlborough, Massachusetts
- Danvers, Massachusetts
- Dedham, Massachusetts
- Mansfield, Massachusetts
- North Attleboro, Massachusetts
- Seekonk, Massachusetts
- Amherst, New Hampshire
- Albany, New Jersey
- Eatontown, New Jersey
- Hackensack, New Jersey
- Iselin/Woodbridge, New Jersey
- Marlton/Evesham, New Jersey
- Princeton, New Jersey
- Springfield, New Jersey
- Wayne Town Center, New Jersey
- Bay Shore, New York
- Hauppauge, New York
- Massapequa, New York
- Woodbury Township, New York
- Willow Grove, Pennsylvania
- Corpus Christi, Texas
- Houston Almeda, Texas
- North Arlington, Texas
- The Woodlands, Texas
- Fredericksburg, Virginia
- Manassas, Virginia
- Springfield, Virginia
- Woodbridge/Potomac Mills, Virginia
About TGI Fridays
For over half a century, TGI Fridays, the original casual bar and grill, has brought people together to experience "That Fridays FeelingTM," which honors happiness in ordinary moments. Fridays provide authentic service, iconic drinks, and classic American food at over 650 locations across 51 countries.
