**TGI Fridays' Parent Company Files for Bankruptcy Amid Financial Struggles**

The parent company behind the popular casual dining chain TGI Fridays has officially sought bankruptcy protection as it navigates a path for its long-term survival. The company cited the COVID-19 pandemic as the main reason for its financial difficulties and mentioned that the Chapter 11 bankruptcy process will help it evaluate strategic alternatives.

"The steps we are taking now are challenging but essential to safeguard the interests of our stakeholders. This includes our franchisees both in the U.S. and abroad, as well as our dedicated team members globally," said Rohit Manocha, the executive chairman of TGI Fridays Inc., in a statement on Saturday.

The casual dining sector faced significant hurdles as the pandemic led to closures and dramatic shifts in business operations. Even after reopening, many establishments struggled to regain their footing. Traditional chains like TGI Fridays faced increased competition from newer, more cost-effective options like Shake Shack.

This year alone, TGI Fridays is among several well-known brands to declare bankruptcy, joining the ranks of Red Lobster, Big Lots, Tupperware, Express, and Joann. The number of TGI Fridays locations in the U.S. has been reduced from 237 in January to the current count of 163, following the closure of 36 locations earlier this year and several additional quiet shut-downs.

The bankruptcy filing specifically impacts TGI Fridays' parent company, which directly manages 39 restaurants. However, the filing does not affect other locations run by franchisees. The company has arranged for financing to ensure all locations remain operational during the bankruptcy proceedings.