Summary
TGI Fridays has closed 16 of its restaurants in the UK, resulting in 456 job losses. The remaining 33 restaurants will continue to operate after the business was sold to a company owned by Sugarloaf. This development is part of a larger plan to stabilize the brand's presence in the UK.
Key Facts
- TGI Fridays closed 16 UK restaurants, leading to 456 employees losing their jobs.
- The business was managed by Liberty Bar and Restaurant group, which went into administration.
- The brand's business and assets were sold to a company owned by Sugarloaf, the global brand manager.
- The sale helped protect 1,384 jobs within the company.
- TGI Fridays' Global President, Phil Broad, stated that the sale provides a strong platform for the brand's success and growth.
- Difficult trading conditions have affected many hospitality businesses in the UK.
- The closures and changes are a part of a broader turnaround plan for TGI Fridays in the UK.
- Other hospitality businesses, like Leon and Pizza Hut, have also faced closures due to challenging market conditions.
