TGI Fridays, a well-known name in the casual dining industry, is taking a significant step in its ongoing bankruptcy proceedings by selling its five corporately owned locations at Dallas-Fort Worth International Airport.
This decision is part of a broader effort by the Dallas-based restaurant chain to restructure and streamline its operations. The sale highlights the challenges the company is navigating as it works to stabilize its financial footing during a turbulent time for the food service industry, according to KRLD.
The transaction, valued at $34.5 million, includes the Dallas-Fort Worth locations and four additional outlets in Maryland. A franchise group with a strong presence in operating restaurants at airports and cruise terminals will acquire these sites.
This strategic partnership is expected to maintain a seamless dining experience for travelers while relieving TGI Fridays of the operational burdens associated with these locations, KRLD reported.
Company officials have indicated that proceeds from the sale will primarily go toward repaying a $24 million bankruptcy loan. This repayment is crucial to TGI Fridays’ efforts to manage its debt and secure a sustainable future. The company aims to position itself for long-term success by reducing financial liabilities while maintaining its core brand identity in other markets.
The sale reflects a growing trend among restaurant chains to divest specific assets in favor of franchising. For TGI Fridays, this move aligns with a strategy to focus on its franchise-operated locations, representing a more scalable and profitable model in the current economic climate.
At Dallas-Fort Worth International Airport, TGI Fridays has long been a popular choice for travelers. The transition to new ownership is expected to be smooth, ensuring continuity in service and menu offerings. Customers can look forward to the same welcoming atmosphere and menu options, with potential enhancements introduced by the new franchise group.