Beleaguered TGI Fridays has changed 85% of its menu in bid to extract chain from bankruptcy threats
The fast food chain has seen dozens of restaurant closures across the U.S. after entering bankruptcy last November with roughly $37 million in debt.
At its peak, the family restaurant had 600 branches nationwide. Now it has just 85 locations remaining.
In an effort to keep bankruptcy concerns at bay and attract new customers, the restaurant is focusing on improving the quality of its food as it rolled out the new menu Tuesday.
'We've touched 85 percent of the menu, including improving the quality and cooking methods as well as getting back to hand-breading (chicken fingers) and doing things that we've always been known for, like hand-cutting steaks,' CEO Ray Blanchette told CNN.
Blanchette was the CEO of the chain from 2018 to 2023, before returning this year to steer the company through bankruptcy proceedings. He hopes it will be completed by this summer before returning to growth.
Like many in the hospitality sector, TGI Fridays has struggled as customers tighten their wallets amid the economic instability. Its rivals Hooters and Red Lobster have both filed for bankruptcy in the last year.
Blanchette is hoping that the new menu will appeal to new diners, including Gen Z, according to CNN. 'We approached it from the standpoint of let's make sure everything we have on our menu is something we're proud to serve,' the CEO said. 'If it's not and if we're not proud to serve it, either delete it or improve it.'
The cocktail menu has also been overhauled, with a focus on 'handcrafted, fresh ingredients built right in front of [customers.]'
Reflecting on the last few months, Blanchette told Yahoo Finance, 'It's been drinking from a fire hose, really.'
He told the outlet that he hopes TGI Fridays will have opened new locations and refurbished others by this time next year.
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