TGI Fridays closing some locations; sells eight to its former CEO

TGI Fridays is closing some restaurants and selling others as it looks to optimize operations and drive long-term growth.

The casual-dining chain said it will close 36 underperforming locations in select markets across the United States as part of its “ongoing growth strategy.” The closings include eight restaurants in Massachusetts, and the one remaining TGI Friday’s in Colorado, in Longmont.  (Full list at end of article.)

As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees.

"Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we've identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise," stated Ray Risley, who was named U.S. president and COO  of TGI Fridays in December. "By strengthening our franchise model and closing underperforming stores, we are creating an unprecedented opportunity for Fridays to drive forward its vision for the future." 

In addition, the company  announced the sale of eight previously corporate-owned restaurants in the Northeast to Ray Blanchette, who served as CEO of TGI Friday’s from October 2018 to spring 2023. He was succeeded by Brandon Coleman, who left the chain after two months on the job. Weldon Spangler subsequently was named CEO.

“With a history of deep involvement and unwavering confidence in the Fridays brand, Mr. Blanchette brings an unmatched understanding of the TGI Fridays business and the restaurant's commitment to delivering excellence for guests,” the company stated. “Following the finalization of the sale, Blanchette will lead the locations into a new phase of revitalization.”

TGI Fridays has more than 850 restaurants in more than 55 countries. 

Here’s the full list of the 36 store closures, as reported by CNN.