It’s been a tumultuous few years for fast-casual chain TGI Fridays, but hope is on the horizon with news the company may be acquired by the G5ive Restaurant Group. If successful, the buyout will give the struggling iconic brand a real chance at recovery and future success and put an end to what The Wall Street Journal referred to as an “epic mess.” Here’s everything you need to know.
More Than a Business, “It’s a Statement”
“The creation of G5ive Restaurant Group is more than just a business venture; it’s a statement,” entrepreneur Cory Griffin says in a press release. “By pursuing the acquisition of TGI Fridays, we are actively working to increase Black ownership in major restaurant franchises, building upon the success of Nicholas Johnson and demonstrating the immense potential within the African American business community.”
They Had “Underperforming” Locations
Despite navigating bankruptcy proceedings and locations being shut down, TGI Fridays is managing to hang on by a thread. The company is closing down scores of “underperforming” locations this year, after filing for Chapter 11 bankruptcy in November 2024. “The next steps announced today are difficult but necessary actions to protect the best interests of our stakeholders, including our domestic and international franchisees and our valued team members around the world,” Rohit Manocha, Executive Chairman of TGI Fridays Inc, said at the time. “The primary driver of our financial challenges resulted from COVID-19 and our capital structure. This restructuring will allow our go-forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential.”
Thirty Locations Have Been Shuttered
So far, 30 locations have been shuttered across the United States, including in New York, New Hampshire, Maryland, Massachusetts, and Ohio. Former TGI Fridays CEO Ray Blanchette bought out 8 locations in hopes of helping to revitalize the chain. “Blanchette brings an unmatched understanding of the TGI Fridays business and the restaurant’s commitment to delivering excellence for guests,” the company said in 2024. Following the finalization of the sale, Blanchette will lead the locations into a new phase of revitalization.”
A “Path of Transformation”
According to the press release, the G5ive Restaurant Group plans to save the brand through “innovative strategies and operational improvements”, creating job opportunities, and “investing in community engagement programs” and sustainable business practices to ensure “long-term success and environmental responsibility.”
80% of the employees working in closed-down locations were offered transfer opportunities to other TGI Fridays restaurants. “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,” TGI Fridays CEO Weldon Spangler said in a January 2025 press 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.”
The Best Order at Friday’s
The best dish to order at Friday’s is the Simply Grilled Salmon with Double Lemon Butter Broccoli. The double portion of vegetables in this meal provides 11 grams of fiber, which makes for a filling meal, especially when combined with the high protein content of salmon. You can pick a sauce for your fish, but stick with the plain grilled option to save calories, sodium, and grams of sugar. Although this is one of the healthiest options on this list, it still packs a very high sodium count. To counter this, ask your server to “go light” on salt when placing your order and choose lower-salt foods for the rest of the day.
Ferozan Mast
Ferozan Mast is a science, health and wellness writer with a passion for making science and research-backed information accessible to a general audience. Read more about Ferozan
