History of TGI Fridays in Timeline
TGI Fridays is an American casual dining restaurant chain known for its American cuisine. The name originally stood for "Thank God It's Friday," but later commercials changed it to "Thank Goodness It's Friday." As of October 2024, TGI Fridays had over 600 locations in 55 countries, with 164 in the United States. The company declared bankruptcy in the US in early November 2024.
March 15, 1965: Menu and Atmosphere of the First TGI Fridays
On March 15, 1965, the first TGI Fridays offered standard American cuisine, bar food, and alcoholic beverages, with an emphasis on food quality. The restaurant featured a distinctive red-and-white exterior, a Gay Nineties interior, and young male staff.
1965: First TGI Fridays Opens
Alan Stillman opened the first TGI Fridays restaurant in Manhattan in 1965, aiming to create a public social space for young single people.
1968: TGI Fridays Featured in Film
In 1968, footage of interviews with patrons from the first TGI Fridays was included in Robert Downey Sr.'s film "No More Excuses".
1971: Expansion into the Midwest
Daniel R. Scoggin acquired the rights to open TGI Fridays in eight major Midwest cities in 1971.
1972: New Prototype in Dallas
In 1972, Scoggin opened a new TGI Fridays prototype in Dallas with a raised square bar and multilevel dining, which became the company standard. The Dallas location's success led to increased family visits and a shift in the restaurant's target audience.
1975: Sale to Carlson Companies
TGI Fridays was sold to Carlson Companies in 1975, leading to the departure of Stillman and the original investors.
1977: Stillman Founds Smith & Wollensky
After selling TGI Fridays, Alan Stillman, now married, founded Smith & Wollensky in 1977.
1980: Scoggin Finalizes Sale
Daniel R. Scoggin finalized the sale of his stake in TGI Fridays in 1980, though he continued as CEO.
1983: Initial Public Offering
TGI Fridays went public in 1983 with Goldman Sachs. Scoggin also developed the first international franchise in the UK with Whitbread PLC.
1986: Shift in Brand Focus
Before Scoggin's departure in 1986, TGI Fridays shifted its focus to appeal to a broader consumer base, de-emphasizing alcohol and prioritizing quality over quantity.
1986: Partnership with Whitbread
TGI Fridays formed a partnership with Whitbread PLC in 1986, marking their first international franchise.
1989: TGI Fridays Goes Private, Focus on Families
TGI Fridays became privately held again in 1989 and shifted its focus from singles to families.
1994: First TGI Fridays Location Closes
The original TGI Fridays location in Manhattan closed in 1994, becoming a British pub called "Baker Street".
2006: Atkins-Approved Menu Items Removed
TGI Fridays removed Atkins-branded items from their menu in 2006, although they continued to offer low-carbohydrate and low-fat options.
January 17, 2007: Whitbread Sells Back UK Operating Rights
On January 17, 2007, Whitbread sold the operating rights of all 45 of its UK TGI Fridays restaurants back to TGI Fridays UK Limited.
2007: Whitbread as Franchisee
Whitbread PLC was a major international franchisee of TGI Fridays, operating up to 45 locations in the United Kingdom until 2007.
2008: Peak Performance
In 2008, TGI Fridays reached its peak performance with 601 restaurants in the US and $2 billion in revenue.
October 2009: Record Profit at Haymarket Location
In October 2009, the Haymarket TGI Fridays broke the company's record for the highest weekly profit.
2010: Name Change in Commercials
In 2010, TGI Fridays' television commercials started using "Thank Goodness It's Friday" instead of the original "Thank God It's Friday".
2011: Largest Franchisee
In 2011, The Briad Group in New Jersey was the largest TGI Fridays franchisee, operating 72 restaurants in six states.
2013: TGI Fridays Logo Redesign
The TGI Fridays logo was redesigned in 2013 by Jane MacDowall and her creative team in Scotland.
May 20, 2014: Resale to Sentinel and TriArtisan
On May 20, 2014, TGI Fridays was sold to Sentinel Capital Partners and TriArtisan Capital Partners.
2014: Electra Private Equity Acquires UK Subsidiary
In 2014, Electra Private Equity purchased TGI Fridays' British subsidiary, which included 66 locations across the UK.
October 2019: TriArtisan Buyout
In October 2019, TriArtisan Capital Partners bought out Sentinel Capital Partners' remaining stake in TGI Fridays.
2019: Allegro Merger Attempt
Allegro Merger began working towards taking Fridays public in 2019 but backed out of the deal in 2020.
2020: Allegro Merger Cancellation
Allegro Merger backed out of its deal to take TGI Fridays public in 2020.
2020: Briad Sells Franchises
In 2020, Briad sold its TGI Fridays franchises.
2021: Hostmore PLC Spin-off
Electra Private Equity spun off its hospitality business as Hostmore PLC in 2021. Hostmore became the owner of TGI Fridays in the UK.
March 2022: "Fridays and Go" Launch
The first "Fridays and Go", a takeaway and quick service version of TGI Fridays, launched in Dundee, Scotland in March 2022. It closed in October 2024.
October 2023: Bankruptcy in Brazil
In October 2023, SouthRock Capital, the operator of all TGI Fridays locations in Brazil declared bankruptcy, although they planned to continue operating most locations while restructuring.
2023: Decline in Sales
By 2023, TGI Fridays' sales had declined to $728 million.
January 4, 2024: Closure of Underperforming Restaurants
On January 4, 2024, TGI Fridays abruptly closed 36 underperforming restaurants and sold eight more to former CEO Ray Blanchette.
April 2024: Agreement to Combine US and UK Franchises
In April 2024, TGI Fridays entered into an agreement to combine its US franchises with those in the UK and go public on the London Stock Exchange.
September 2024: UK Operator Enters Administration
In September 2024, the operator of the UK TGI Fridays chain entered administration, putting an estimated 4500 jobs at risk. A rescue deal was reached in October.
October 2024: Closure of "Fridays and Go"
The "Fridays and Go" takeaway location in Dundee, Scotland closed in October 2024 following the sale of the bankrupt UK franchise.
October 2024: TGI Fridays Bankruptcy and Location Count
As of October 2024, TGI Fridays operated over 600 locations in 55 countries, including 164 in the United States. The chain eventually filed for bankruptcy in the United States on November 2, 2024.
October 19, 2024: Seeking Financing and Bankruptcy Warning
On October 19, 2024, TGI Fridays announced it was seeking financing and warned it might file for Chapter 11 bankruptcy.
November 2, 2024: Chapter 11 Bankruptcy Filing
TGI Fridays filed for Chapter 11 bankruptcy in the United States on November 2, 2024.
2024: Licensing Agreement with Kraft Heinz
TGI Fridays entered a licensing agreement with Kraft Heinz in 2024 to sell Fridays-branded appetizers in supermarkets.