Photo by Viktor Forgacs on Unsplash
TGI Fridays Abruptly Closes 36 Restaurants
January 4, 2024
Restaurant chain TGI Fridays has abruptly closed 36 restaurants as part of the brand’s ongoing growth strategy. The chain said in a press release that the restaurants targeted were underperforming in their market in select areas across the United States.
The restaurant chain offered more than 1,000 transfer opportunities to its employees, representing over 80% of those impacted.
When the Dallas-based company revealed the surprise closures on Wednesday, it also announced that eight previously corporate-owned restaurants in the Northeast would be sold to former CEO Ray Blanchette, who resigned in May.
The sale follows recent moves to strengthen TGI Fridays’ leadership team, such as appointing Weldon Spangler as chief executive officer, Ray Risley as U.S. president and chief operating officer, and Nik Rupp as president and COO of international and chief financial officer.
No New Year’s Resolution List is complete without a Whiskey-Glaze Burger drip. 🥃 🍔 pic.twitter.com/52fF8FnUXE
— TGI Fridays (@TGIFridays) January 3, 2024
CNN reports that the closed restaurants are in 12 states. New Jersey has the most locations closed, with seven. That number is followed by six restaurants in Massachusetts and five in New York.
“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,” said Ray Risley in the release.
Risley said that the chain’s top priority was delivering a superior customer experience for its guests. Through these closures, TGI Fridays claims to have identified opportunities to optimize and streamline its operations to ensure it is positioned to meet and exceed its brand promise.
He concluded by promising that “strengthening” the company’s franchise model would help create an “opportunity” for TGI Fridays to continue succeeding. Before the closures, TGI Fridays had about 270 U.S. locations.
Recent News
Walgreens Settlement: What You Need to Know
Walgreens recently settled a class action lawsuit, potentially putting cash in the pockets of Americans who faced job denials due to background checks. The settlement, a result of alleged Fair Credit Reporting Act violations, offers up to $918.28 to affected individuals. While Walgreens didn’t admit fault, it agreed to pay an undisclosed sum.
California Electric Bill Overhaul: What’s Ahead
California’s electricity payment system is getting a makeover. Recently, state regulators greenlit a shift to flat-rate billing, aiming to curb surging energy costs. Under this new scheme, most customers of investor-owned utility companies will face a fixed monthly charge of $24.15, trimming the per-kilowatt-hour usage fee by five to seven cents.
AI Has Mastered the Art of Deception
AI, celebrated for its productivity-boosting capabilities, harbors a deceptive side as revealed by recent research. This unsettling finding underscores the need for heightened awareness and regulatory measures to address the risks posed by AI’s ability to induce false beliefs.
Chinese EVs Navigate Global Markets Amid Rising Trade Tensions
China’s electric vehicle (EV) sector is making strategic moves into offshore markets for increased funding, exemplified by the recent success of Zeekr, a premium EV brand under Geely, which saw its shares surge 34% in the largest US IPO by a Chinese company since 2021.