TGI Fridays Inc. filed for Chapter 11 bankruptcy protection on Saturday, citing the financial impact of the Covid-19 pandemic as the main reason for its struggles.

The bankruptcy affects the parent company, which operates 39 restaurants, while franchise locations remain unaffected.

TGI Fridays has secured financing to continue operations during the restructuring process and has halted rent payments to gain time for a turnaround.

The chain, known for its American comfort food and kitschy decor, has faced challenges since the pandemic, including a series of location closures and rising inflation affecting its customer base, CNN has reported.

TGI Fridays follows other restaurant chains like Red Lobster in seeking bankruptcy protection amid industry turmoil.

Written by B.C. Begley