After announcements by Red Lobster they would be filing for Chapter 11 bankruptcy and closing a significant number of stores, TGI Friday’s announced they would be closing select restaurants as well. Applebee’s kicked off the month with an announcement it would be closing 35 more locations after closing 46 in 2023.
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Excerpt from www.westernjournal.com
When people can barely afford to eat at home, they can’t exactly go out to dinner. That’s a lesson in Bidenomics that several chains are finding out the hard way.
The latest chain casual restaurant to feel the pinch is TGI Friday’s; according to an article in the U.K.’s Daily Mail on Tuesday, the restaurant announced it had closed one restaurant in New Jersey on Sunday and was planning to close another in Buffalo, New York in June.
That would bring the total for restaurants the family dining chain has closed to 40 this year, including eight in New Jersey and six in New York.
“We’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet — and exceed” a “brand promise” to close “underperforming” restaurants, said Ray Risley, TGI Friday’s U.S. president.
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