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For many years, TGI Fridays stood at the forefront of American dining and nightlife, famously credited with creating iconic dishes and drinks like the Long Island Iced Tea and loaded potato skins.
However, the brand later faced nearly two decades of challenges. Declining sales, numerous restaurant closures, and a bankruptcy filing two years ago thrust the once-leading chain into a fight for survival.
Now, TGI Fridays, which first opened its doors in New York in 1965, is optimistic about a major resurgence.
The brand has unveiled bold plans to expand its reach to 1,000 global locations by 2030 and boost its annual revenue to $2 billion, aiming to recapture the prominence it enjoyed at its peak in 2008.
In an interview with the Daily Mail, Neil Saunders, managing director of GlobalData Retail, remarked, “If TGI Fridays achieves its ambitious goals, it would mark a remarkable revival for the brand.”
However, he cautioned that ‘there is no guarantee of success as a lot of unfavorable dynamics continue to hold the casual dining sector back.’
Saunders said the company appears to be approaching its recovery with greater focus than previously.
‘TGI Fridays seems to be aware of this which is why it is looking at specific locations – like travel spots – that are underserved,’ he said.
He also noted that ‘their franchising model also helps with rapid expansion,’ adding that ‘these things show they are being smart about growth and not just trying to replicate what they did before bankruptcy.’
For decades, TGI Fridays was widely regarded as a trailblazer in American dining and nightlife, credited with inventing staples such as the Long Island Iced Tea and loaded potato skins
TGI Fridays continues to shutter restaurants – with another in Brick, New Jersey serving customers for the final time on Sunday. This is the Manhattan TGI Fridays
Today, TGI Fridays operates fewer than 80 locations in the US after hundreds of closures since the pandemic and its 2024 bankruptcy. Around 400 restaurants remain open globally.
According to Ray Blanchette, CEO of TGI Fridays, the challenge is modernizing without losing what made Fridays famous in the first place.
‘Our focus as we accelerate growth is to resonate with the next generation of consumers while preserving the classic Americana feel and signature experience that has made the brand beloved,’ he said.
The renewed push follows a painful restructuring. In 2024, TGI Fridays filed for bankruptcy and closed hundreds of restaurants, leaving it with just 79 in the US.
Restaurateur Alan Stillman opened the first TGI Fridays in Manhattan in 1965 as one of America’s earliest singles bars, a place designed to mix cocktails, flirting and a sense that it was ‘always Friday.’
Its distinctive red-and-white stripes were inspired by the Barnum & Bailey Circus, and the chain quickly became synonymous with cocktails and is widely credited with inventing the Long Island Iced Tea.
Its cultural influence even extended to Hollywood, with TGI Fridays staff training Tom Cruise for his role in Cocktail.
At its peak in 2008, TGI Fridays operated 601 restaurants across the US, posted $2 billion in sales, and boasted roughly 300 international locations. That proved to be the high-water mark.
The downturn began in 2009 as the US slipped into recession. Sales fell sharply and the domestic restaurant count shrank to 480 locations.
The slide accelerated during 2020’s Covid lockdowns, then worsened again in 2021 as food and staff costs soared as the world reopened.
‘The primary driver of our financial challenges resulted from Covid and our capital structure,’ executive chairman Rohit Manocha said following 2024’s bankruptcy filing.
As part of its turnaround strategy, hospitality industry veteran Phil Broad has been appointed president of the global TGI Fridays brand.
The chain’s vibe was featured heavily in the blockbuster flick ‘Cocktail’ starring Tom Cruise, seen here, with some scenes filmed inside the original TGIs location in Manhattan
TGI Fridays, famous for its signature burgers and drinks, has reported sales declines since 2008
Originally conceived as a place where it was ‘always Friday,’ the restaurant’s distinctive red-and-white stripes were inspired by the Barnum & Bailey Circus – an aesthetic later echoed in The Greatest Showman
Founded in New York in 1965, TGI Fridays says its forward-looking strategy is focused on strengthening its foothold across more than 40 countries
TGI Fridays made its name with cocktails
Broad previously served as managing director of TGI Fridays UK from 1997 to 2001 and returned to the company in April 2025 as president of international franchising.
Former CEO Ray Blanchette also returned to lead the company in 2025 and has struck an optimistic tone about its future.
Blanchette, who served as CEO from 2018 to 2023, said the brand’s core identity had endured despite years of upheaval.
‘Over the past decade, our business – and the category at large – has faced challenges,’ he said.
‘Yet the essence of Fridays – our culture, values, and people – remains strong. We’re bringing the fun back to Fridays and giving people more reasons to gather and celebrate.’
Blanchette has also suggested that airport and hotel-based locations could represent a key growth area post-bankruptcy.
In particular, the TGI Fridays at the Hilton Garden Inn in Hollywood, California, has proven especially successful, he said.