TGI Fridays' Chapter 11 Liquidation Plan Approved, Brand Continues Under New Ownership
The U.S. Bankruptcy Court for the Northern District of Texas has approved TGI Fridays' consensual liquidation plan on July 24, nearly two years after the company filed for bankruptcy in November 2024. The approval allows the distribution of remaining assets to creditors and marks the wind-down of the original corporate entity. Meanwhile, Sugarloaf Hospitality now operates the brand under a new ownership structure following its acquisition from earlier that year. Sugarloaf Holdings, led by Ray Blanchette, has stated that the bankruptcy proceedings do not affect their operations or future plans for TGI Fridays. The company is pursuing a turnaround strategy called '1-2-3 Strategic Vision,' aiming to expand globally with over 1,000 restaurants and $2 billion in annual revenue by 2030.