TGI Fridays is divesting its position in Greece, following TGI Fridays’ Article 11 filing for bankruptcy protection in the United States.

As stated in a related announcement, TGI Fridays in Greece is thriving, showing strong growth.

It is noted that TGI Fridays Franchisor LLC (Franchisor), which owns the rights to the brand, the approximately 110 Franchise stores in America and the additional 320 stores internationally in 41 countries, continue to operate as normal, without any question of their appeal in the process of Article 11.

The announcement clarifies that TGI Fridays Inc., which controls the 39 company stores in America alone, has appealed to Article 11, with the aim of consolidating the company and restructuring it, as, as noted, the company’s problems have their roots in the period of the pandemic and in debts that arose mainly in this particular period.

“The Greek Group, as well as the Franchisor, are not affected by the attempt to consolidate the corporate stores in America and continue to operate normally. In fact, the Group in Greece continues to have an excellent course, recording the highest sales in the current year since the start of its operation in our country and is considering opportunities for further development of the brand in Greece and in neighboring countries“, the announcement emphasizes.

Pax Hospitality CEO Nikos Negas stated regarding the Article 11 filing of corporate America stores that, “we are optimistic that it will be done successfully and will allow the brand to return to healthy growth in America as in recent years its financial position has been particularly burdened, with effects on store operations and a lack of resources for development. Therefore, we consider the development positive, which follows a series of previous moves, with the aim of the consolidation and healthy course of the brand in the future».