TGI Fridays this week announced the sale of eight previously corporate-owned restaurants in the Northeast to former CEO Ray Blanchette.
Blanchette brings an unmatched understanding of the TGI Fridays business and the restaurant’s commitment to delivering excellence for guests. Following the finalization of the sale, Blanchette will lead the locations into a new phase of revitalization.
As part of the brand’s ongoing growth strategy, TGI Fridays said it will also close 36 underperforming locations in select markets across the U.S. As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees.
New Jersey had the most closures, with seven, followed by Massachusetts, with six, New York, with five, and Texas and Virginia, with four each. There were also closings in California, Colorado, Connecticut, Florida, Maryland, New Hampshire and Pennsylvania.
TGI Fridays said it will continue to execute an era of transformation, and the transition is poised to deliver continued revenue while reaffirming the brand’s commitment to creating exceptional experiences for guests.
The sale follows recent moves to bolster TGI Fridays’ leadership team, including the recent appointments of Weldon Spangler to CEO, Ray Risley to president and chief operating officer in the U.S. and Nik Rupp to president and COO of international and chief financial officer.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” Spangler said. “We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet — and exceed — on that brand promise,” Risley added. “By strengthening our franchise model and closing underperforming stores, we are creating an unprecedented opportunity for Fridays to drive forward its vision for the future.”
The following are the New Jersey locations that are closing:
- 401 Gill Lane, Iselin;
- 411 Hackensack Ave., Hackensack;
- 71 Route 23 S., Wayne;
- 180 N.J. 35, Ste. 6000, Eatontown;
- 40 U.S. 22, Springfield;
- 970 Route 73 N., Marlton;
- 3535 U.S. 1, No. 275, Princeton.
