Another Bite Out Of Dining! Restaurant Chain Files Bankruptcy

Things aren't looking good for the restaurant industry. Another national chain has filed bankruptcy and COVID is to blame.

First it was Applebee's announcing dozens of restaurant closures across the country.

Then Red Lobster filed bankruptcy and closed nearly 100 restaurants, including 10 in New York. The good news for seafood lovers is the company has since bounced back.

TGI Fridays Closing Locations

Now it's TGI Friday's.

The national chain closed nearly half of its restaurants in the U.S. over the past 10 years. Declining sales, 15% in the last year alone, and four CEO changes since 2023 are to blame.

Nine locations have closed in New York over the past several months, including the one in Destiny USA, without any notice.

Bankruptcy

The company filed Chapter 11 bankruptcy with hopes of restructuring and ensuring the long term viability of the brand.

"The primary driver of our financial challenges resulted from COVID-19 and our capital structure. This restructuring will allow our go-forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential," said Rohit Manocha, Executive Chairman of TGI Fridays Inc.

13 Restaurants & Businesses That Closed in 2023

Retirement and consolidation are just some of the reasons we've lost several restaurants and businesses in Central New York in 2023.

Here are 13 locations that are no more.

Gallery Credit: Credit - Polly McAdams

Hudson Valley Businesses That Have Closed in 2024

Owning a business is hard these days. While some business owners are simply stepping into their next big phase of retirement, some longstanding, beloved businesses have faced less-welcomed closures. Here's a list of some of the Hudson Valley eateries we already miss this year.

Gallery Credit: Arianne Rogers