Nearly two years after filing for Chapter 11 bankruptcy, TGI Fridays is slated to open a handful of new domestic restaurants.
The casual dining chain has signed a development agreement with Bliss Bites LLC to open five new Fridays restaurants across New York. The agreement marks TGI Fridays’ first domestic development agreement in more than a decade.
The deal advances the momentum of the company’s’ “1-2-3 Strategic Vision”, its comprehensive growth plan outlining a path to more than 1,000 units and $2bn in annual revenue by 2030, which was announced at the beginning of this year. TGI Fridays says the plan is anchored by its four strategic pillars: activating the brand, flexible growth across markets, a strengthened franchise system and performance through people.
“Growth only matters when it’s built with the right partners and this five-restaurant development agreement is exactly what we envisioned for our ‘1-2-3 Strategic Vision,’” said Ashley Kirkley, Chief Operating Officer of TGI Fridays. “We’re bringing passionate franchisees into the Fridays family, building in markets where this iconic brand belongs and creating restaurants that deliver the energy, hospitality and celebration our guests expect from Fridays.”
