Just days ago, TGI Friday’s abruptly closed 36 stores across the country, including their two Colorado locations. Employees were shocked to learn that the Friday’s locations in Denver and Longmont would be shuttered with other locations that Friday’s officials said were underperforming.
Before the closures, TGI Fridays had approximately 270 locations in the United States. However, this number has decreased in recent years. The company has stated that around 80% of the employees affected by the closures were given the option to transfer to other positions within the company.
Ray Risley, the president and chief operating officer of TGI Fridays in the US, emphasized that their main focus has always been providing an exceptional experience for their guests. In order to fulfill this commitment, they have identified opportunities to improve and streamline their operations. This will ensure that they are in the best possible position to meet and surpass the expectations associated with the TGI Fridays brand.
TGI Fridays, being privately owned by TriArtisan Capital Advisors, a private equity firm, does not publicly disclose its financial results. Nonetheless, the company announced that in the previous year, they projected total sales to reach $1.6 billion in 2022, with a growth of 8% in same-store US sales compared to 2019.
In order to stay competitive with rivals like Applebee’s and Chili’s, TGI Fridays has made recent changes to its menu. These changes include the addition of sushi, a revamp of their cocktail menu, and a makeover of their selection of appetizers.