TGI Fridays to close 36 'underperforming' locations across the U.S.

TGI Fridays is closing 36 "underperforming" locations across the U.S. as part of a broader restructuring. The fast casual eatery said in a release late Wednesday that it is offering at least 1,000 transfer opportunities to employees, which accounts for more than 80% of workers who will be affected by the restaurant closures.

New Jersey is seeing the most TGI Fridays closures; seven will be shuttered there, according to a list shared by a company representative. Six locations are closing in Massachusetts, with five closings in New York and Texas. In Virginia, four TGI Fridays locations will be shut down. Other states seeing closures include California, Colorado, Connecticut, Florida, Maryland, and New Hampshire.

The restaurant also said it was selling eight previously corporate owned restaurants in the Northeast to its former CEO Ray Blanchette. "We’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet — and exceed — on [our] brand promise,” Ray Risley, U.S.

President and Chief Operating Officer at TGI Fridays, said in the release. “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.” The moves come as the privately owned company recently brought in a new leadership team, including CEO Weldon Spangler in October, who previously served in executive roles at Subway, Dunkin’, Papa Murphy’s and Starbucks.

“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,” Spangler said in the 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.”.