TGI Fridays CEO: Bankruptcy Is Behind Us, Focus Turns to Franchisees

Two years after TGI Fridays filed for Chapter 11 bankruptcy, CEO Ray Blanchette says the company has moved on and is now focused on its franchisees. In a recent interview, Blanchette stated that the bankruptcy is never discussed internally, emphasizing that the brand has closed the chapter on its financial restructuring. The casual dining chain, which emerged from bankruptcy in November 2023, now operates over 500 restaurants globally. Blanchette credits the turnaround to a franchise-first strategy, with 90% of locations run by independent operators. He notes that franchisee profitability is the top priority, driving menu innovation and operational improvements. The CEO says the company is investing in technology and marketing to support its partners, rather than dwelling on past struggles. With a leaner corporate structure and renewed focus, TGI Fridays aims to stabilize and grow its footprint. The takeaway: for the iconic bar-and-grill brand, the bankruptcy is old news—the real story is whether franchisees can deliver a comeback.