2 years ago today, TGI Fridays declared bankruptcy. Now, its CEO says the company never thinks about it.
Franchisees support the business
The business is now supported primarily by franchisees, who oversee 70 TGI Fridays locations nationwide. The company has roughly 400 restaurants worldwide. Blanchette said the chain is concentrating on supporting franchisees and helping them grow their businesses. He also cited work to improve food quality and experiences, reengage franchisees, and refocus the brand.
Growth targets and new markets
The company’s plan aims to grow TGI Fridays to more than 1,000 restaurants worldwide and $2 billion in annual revenue by 2030. Its targets draw on current and prospective franchise development.
Signs of U.S. expansion
Blanchette described a resurgence in the United States and said the company had signed its first domestic development agreement in 10 years. He added that several more agreements were in final negotiations.
Key points
- Franchisees oversee 70 locations nationwide; the company has roughly 400 restaurants worldwide.
- The 2030 plan targets more than 1,000 restaurants and $2 billion in annual revenue.
- The company says it signed its first U.S. development agreement in 10 years.