**TGI Fridays Closes Nearly 50 Locations, Bankruptcy Filing Imminent**

TGI Fridays has shuttered nearly 50 of its locations across the United States over the past week, signaling severe financial strain for the restaurant chain. As of Monday, the TGI Fridays' store locator reflects 164 operational restaurants, a significant drop from 213 the previous week. This recent wave of closures is the most extensive since January, which saw 36 underperforming locations shut down.

The company has not yet commented on the closures or provided a list of affected locations. Nevertheless, local media reports confirm that restaurants in several states, including California, Ohio, New York, New Jersey, Florida, and Missouri, were impacted. Notably, TGI Fridays has completely exited cities such as Columbus, Ohio, and Buffalo, New York.

At the start of the year, TGI Fridays boasted 270 locations across the country. The abrupt closures come amid growing speculation that the chain is preparing to file for bankruptcy. Just weeks ago, Bloomberg reported that TGI Fridays is in discussions with lenders to secure additional capital to maintain operations while navigating the Chapter 11 process.

John Bringardner, head of Debtwire, suggests that the chain will likely use Chapter 11 to find a buyer for parts of its business, terminate leases for unprofitable locations, and restructure its debt to establish a more sustainable operational footprint. Bringardner noted that the combination of a declining number of outlets, shifting consumer preferences, and intensified competition from more economical fast-food options has rendered TGI Fridays unable to manage its debt load. He mentioned that a bankruptcy filing could occur as early as November, ahead of the next lease payment cycle.

The restaurant industry has witnessed a slew of bankruptcy filings this year, with chains like Red Lobster and Buca di Beppo also struggling amid changing consumer behaviors influenced by inflation and altered spending habits.