TGI Fridays Philippines unaffected by US bankruptcy filing, says The Bistro Group

The Bistro Group, the franchisee of TGI Fridays in the Philippines, clarified that franchise operations in the country remain unaffected by TGI Fridays Inc.'s bankruptcy filing in the United States.

In a statement on Monday, The Bistro Group said that it operates independently and its restaurants are not affected by the restructuring of TGI Fridays in the U.S.

Over the weekend, American casual dining chain TGI Fridays announced that it has filed for Chapter 11 bankruptcy protection following financial woes and an unsuccessful deal with British restaurant operator Hostmore.

The filing pertained to 39 "Thank God it's Friday!" restaurants owned and operated by TGI Fridays in the U.S. and does not include TGI Fridays Franchisor, LLC, which owns the brand and intellectual property, and oversees franchise operations globally.

According to Jean Paul Manuud, president of The Bistro Group, TGI Fridays Philippines is "not only stable but thriving," with the group opening five new restaurants in the country in 2024 alone.

"In 2024, we successfully opened five new locations across the country bringing to 30 the number of our stores to date and we have plans to launch another five in 2025. This growth reflects our commitment to providing exceptional dining experiences and the 'Fridays Feeling' that our customers have come to love,” he said in a statement.

TGI Fridays in the Philippines is also set to mark its 30th anniversary this year. The Bistro Group remains dedicated to ensuring quality service and satisfaction for its customers.

"We appreciate the ongoing support from our loyal customers and we look forward to welcoming everyone to our restaurants for many more memorable moments," said Manuud.

In its filing with the U.S. bankruptcy court for the Northern District of Texas, TGI Fridays listed assets and liabilities ranging from $100 million to $500 million.

Following the bankruptcy announcement, TGI Fridays said it maintains the operations of its 39 domestic restaurants, adding that it has obtained financing commitment to aid its operations.

—CDC, GMA Integrated News