Former TGI Fridays CEO returns as company works through bankruptcy

Former TGI Fridays CEO Ray Blanchette will take over management of TGI Fridays’ remaining restaurants as the company works toward bankruptcy protection, The Wall Street Journal reported Thursday.

Blanchette’s company, Sugarloaf Hospitality, had bid on several locations for the Dallas-based casual restaurant chain, which filed for Chapter 11 bankruptcy protection on November 2.

Last January, Fridays were agreed sell eight Northeast restaurants to Blanchette. It later added locations in Maryland and at DFW International Airport during bankruptcy proceedings.

Blanchette, who was CEO of TGI Fridays for five years, resigned from his position in May 2023.

TGI Fridays have experienced challenges in the years since the COVID pandemic was declared in March 2020.

Fridays attempted to revitalize its brand through a partnership with C3 Virtual Brands (which first put sushi on the Friday menu) and revamped its bar program to lean more on its simple bar heritage .

In October, the company’s UK-based master franchisee, Hostmore, filed for administration (the UK equivalent of bankruptcy) and put its 87 stores up for sale after its plan failed reverse buyback of the entire system on Friday.

After closing 36 underperforming restaurants last January, TGI Friday’s was down to 39 nationally owned restaurants as of November. It also had franchise locations.

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