TGIF News
TGI Fridays sells off last 5 locations at Dallas-Fort Worth Airport
TGI Friday’s Inc. has forged a deal to sell its five locations at Dallas Fort Worth International Airport: According to Bloomberg, the locations will be acquired by Mera Corp., a franchisee based in Cancun, Mexico that operates restaurants in airports.
TGI Fridays filed for bankruptcy in early November and sadly closed its six remaining Dallas-area locations, leaving only the five at DFW Airport for locals to indulge in its loaded potato skins.
The company received court approval on January 2 to transfer ownership of nine locations, including the five at DFW Airport plus four in Maryland, to Mera, who placed a joint offer with restaurant franchisee Anil Yadav of $34.5 million, beating a previous offer by TGI Friday’s former CEO Ray Blanchette.
Blanchette was CEO from 2018-2023. He previously spent 18 years with the chain’s former owner, Carlson. He currently operates eight TGI Fridays in the Northeast, which he acquired in early 2024.
According toRestaurant Business, Blanchette's Sugarloaf Hospitality initially offered $30.5 million, later increasing its bid to $32.5 million.
U.S. Bankruptcy Judge Stacey Jernigan presided over the court hearing.
"I'm glad that TGI is going to continue on at least at some level in the U.S.," Jernigan said.
The sale will allow TGI Fridays to repay its $23.9 million bankruptcy loan. They've also received offers for some of their remaining 30 locations. There are also approximately 122 franchised locations in the U.S. and more than 300 franchise-owned locations in other countries.
Operators in Illinois have begun auctioning off equipment from locations in Joliet and Tinley Park.
TGI Fridays first opened in Manhattan in 1965, and went on to become a staple suburban hangout known for its ribs, loaded potato skins, and distinct decor embellished with red stripes and Tiffany-style lamps.
TGI Friday's was recently proclaimed the No. 1 airport bar in the U.S., earning high marks for its budget-friendly status, thanks to its relatively affordable prices for a draft beer, cheeseburger, and French fries.