TGI Fridays is making a comeback and planning hundreds of new restaurants after bankruptcy

Restaurant chain filed for bankruptcy in 2024

TGI Fridays is planning a big comeback with new store openings and and a $2 billion revenue target by 2030.

The restaurant chain, which began in 1965 in New York, announced it was pursuing a "bold, global growth vision" with its upcoming "1-2-3 Strategic Vision" campaign.

That campaign would see the restaurant open more than 1,000 new restaurants, and sets an earnings goal of $2 billion in annual revenue by 2030.

TGI Fridays is aiming high after bottoming out last year. The restaurant had to file for Chapter 11 bankruptcy in 2024, which it blamed on a combination of rising interest rates, more competition, and holding more than $37 million in debt.

More than half of the chain's locations in the U.S. closed in the lead up to the bankruptcy, according to National Restaurant News. The brand struggled during the COVID-19 pandemic, when many restaurants were forced to either offer outdoor seating or close operations.

Restaurant chain TGI Fridays announced in January 2026 that it was launching a brand revitalization campaign and set an annual revenue target of $2 billion by 2030 (Alamy/PA)

Ray Blanchette, the CEO of TGI Fridays, said the restaurant's new direction will hopefully resonate with diners of all ages.

“Our focus as we accelerate our growth is to resonate with the next generation of consumers while preserving the classic Americana feel and signature experience that has made the brand beloved in more than 40 countries," he said in a statement. "Through these strategic pillars, we honor the heritage of the Fridays brand while appealing to today’s guests who crave bold flavors, high-energy experiences, and reasons to celebrate every day.”

The brand revitalization plan is focused on four points: opening more stores, offering more support to franchisees to help their stores profit, investing in its training and incentive programs, and regaining relevance among today's diners.

The company announced that Phil Broad, a hospitality industry veteran, was appointed president of its global brand.

Broad previously worked with TGI Fridays from 1997 to 2001 as a managing director for the company's U.K. operations. In April 2025, he returned to the company to serve as its President of International Franchising.

The news comes on the heels of an announcement by the company that it is shuttering 16 stores in the U.K., which represents 456 lost jobs.

Despite its recent struggles, TGI Fridays is still operating almost 400 restaurants in 40 countries.