TGI Fridays
TGI Fridays is a globally recognized American casual dining restaurant chain that was founded in 1965 in Manhattan, New York City. The company was established by Alan Stillman with the goal of creating a lively, welcoming atmosphere that offered an extensive menu of American classics and innovative cocktails. Over the decades, TGI Fridays has expanded its presence to numerous countries, becoming a symbol of social gatherings and vibrant dining experiences. Known for its signature Fridays, innovative cuisine, and iconic blue and red logo, the brand has evolved from a single location to a major player in the casual dining industry, emphasizing a fun, relaxed environment and quality service.
News Summary
TGI Fridays has permanently closed its two locations in Myrtle Beach as part of a nationwide downsizing, driven by ongoing financial struggles and potential bankruptcy. The closures reflect changes in consumer behavior affecting casual dining chains. The company is focusing on restructuring, including offering transfer opportunities for affected employees and appointing new executives to lead its future direction. This move is indicative of a broader trend as many chains reassess their operations in light of rising costs and shifting dining preferences.
Myrtle Beach – TGI Fridays has announced the permanent closure of its two locations in the Myrtle Beach area, marking a significant downsizing for the casual dining chain amid ongoing financial struggles. The locations, one situated at 500 Highway 17 North in North Myrtle Beach and the other at 7515 North Kings Highway in Myrtle Beach, have been revealed as permanently closed on Google and are no longer accessible through the company’s website.
This closure is part of a broader trend as TGI Fridays faces substantial financial difficulties. A report from Bloomberg, dated October 19, 2024, highlighted that the company is trending toward bankruptcy, prompting a series of closures nationwide. In total, TGI Fridays is shuttering 36 underperforming locations across 12 states, with New Jersey experiencing the highest impact, losing seven restaurants, followed closely by Massachusetts with six and New York with five closures. Additional states affected include California, Colorado, Florida, Texas, and Pennsylvania.
Efforts to reach the Myrtle Beach restaurants for further comments have been unsuccessful. Currently, links to the closed TGI Fridays locations have been removed from the restaurant chain’s website, redirecting users to an error message. Prior to these closures, TGI Fridays operated approximately 270 locations throughout the United States.
As part of its restructuring efforts, TGI Fridays is also focusing on employee retention by offering over 1,000 transfer opportunities to those affected by the closures, accounting for more than 80% of the employees impacted. The company has made a strategic decision to appoint new top executives to steer its future direction, as well as explore the possibility of selling some of its restaurants back to its former CEO.
U.S. President and COO of TGI Fridays, Ray Risley, has indicated that the primary focus for the company is optimizing operations and reinforcing the franchise model in light of these changes. The recent chain of events marks a critical period for TGI Fridays as it navigates through its financial hardships while attempting to sustain operations in a highly competitive market.
The closures in Myrtle Beach are reflective of changing consumer behaviors and market conditions that have increasingly challenged casual dining establishments. As the restaurant industry contends with rising costs and shifting dining preferences, many chains, including TGI Fridays, are reassessing their footprints to better align with evolving market dynamics.
In summary, the permanent closure of TGI Fridays’ Myrtle Beach locations highlights not only the company’s current financial distress but also a significant shift within the casual dining segment. As TGI Fridays works to regain stability, the effects of its restructuring efforts will be closely monitored by industry analysts and patrons alike.
Deeper Dive: News & Info About This Topic
HERE Resources
El Cerro Grande Moves to Former TGI Fridays Location in Murrells Inlet
Grand Strand Restaurant Scene Flourishes in 2024
Myrtle Beach Bids Farewell to TGI Fridays as Financial Woes Force Closure
Additional Resources
- AOL: TGI Fridays Closes North Myrtle Location
- Google Search: TGI Fridays closure Myrtle Beach
- Myrtle Beach Online: TGI Fridays Update
- Google Scholar: TGI Fridays financial struggles
- Post and Courier: TGI Fridays Business Update
- Encyclopedia Britannica: TGI Fridays
Author: STAFF HERE MYRTLE BEACH
The HERE Myrtle Beach Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Myrtle Beach community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background Local Roots in Myrtle Beach Our team includes lifelong Myrtle Beach residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent developments along the Grand Strand, Myrtle Beach’s tourism and hospitality industry, and growth in local education sectors (e.g., Coastal Carolina University programs). Collective Experience With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Myrtle Beach Area Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
