G5ive Restaurant Group announces intent to acquire TGI Fridays
G5ive Restaurant Group, led by Louisiana-based Black entrepreneur Cory Griffin, has announced its intention to acquire the US-based restaurant chain TGI Fridays via an ownership consortium.
The move will mark a step in increasing African-American ownership within the national restaurant industry.
Griffin's plan is focused on empowering African-American leaders within the economy, following in the footsteps of Nicholas Johnson, who became the first African-American to own a national burger franchise when he acquired Fuddruckers in 2021.
With the takeover of TGI Fridays, which is navigating financial hurdles including a Chapter 11 bankruptcy filing in October 2024, Griffin's aims to revive the brand.
The plan includes revitalising TGI Fridays with 'innovative' strategies and improvements in operations, generating employment across various management levels, engaging with communities through dedicated programmes and adopting sustainable practices to ensure long-term success.
G5ive Restaurant Group Cory Griffin stated: "The creation of G5ive Restaurant Group is more than just a business venture; it's a statement.
"By pursuing the acquisition of TGI Fridays, we are actively working to increase Black ownership in major restaurant franchises, building upon the success of Nicholas Johnson and demonstrating the immense potential within the African-American business community."
In January 2025, TGI Fridays secured court approval to sell nine of its corporate-owned restaurants for $34.5m.
The approval by US bankruptcy judge Stacey Jernigan in Dallas, Texas was aimed at enabling the American brand to repay its creditors.
Established in 1965 in Manhattan as a cocktail bar and restaurant, TGI Fridays has since grown and evolved into a destination serving signature dishes such as ribs and loaded potato skins. At its 2008 peak, it had 600 restaurants in the US.
"G5ive Restaurant Group announces intent to acquire TGI Fridays " was originally created and published by Verdict Food Service, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Metal manufacturer to lay off nearly 150 in Lakeville, Shakopee, Plymouth
A Plymouth-based sheet metal fabricator and manufacturer of precision metal components will close all of its Minnesota facilities, including its Lakeville, Plymouth and Shakopee locations, laying off nearly 150 workers following failed efforts to put itself up for sale. J&E Companies will lay off 45 employees from its Lakeville site alone, including welders, machine operators, process engineers, plant managers, drivers and other job classifications. A letter to the Minnesota Department of Employment and Economic Development, dated June 2, indicated that the layoffs will take effect that same day 'due to financial difficulties and circumstances,' and that 'a potential sale of the business' had fallen through. The workers are non-unionized and do not have bumping rights, according to the company's letter, which is signed by a corporate adviser from Harney Partners. J&E Companies was founded more than 65 years ago and provided precision machining and fabrication services to the medical, aerospace, commercial and agricultural industries, according to its website. In 2022, it acquired R&B, a Wisconsin-based precision machining company with more than 100 employees. In all, the merged companies maintained six sites in Minnesota, Racine, Wis. and Reynosa, Mexico, with a combined total of 325 employees. A call to a company spokesperson was not immediately returned on Wednesday. Whitebridge Capital Partners announced Wednesday it is acquiring the major assets of R&B Grinding of Racine, which will be renamed RB Industrial Manufacturing LLC, 'in recognition of the full range of machining processes the company can provide from its 140,000 square foot facility,' reads a statement from Whitebridge, which specializes in distressed manufacturing companies. 'We're not involved in the Minnesota operations at all,' said Todd DiBenedetto, principal with Whitebridge Capital Partners, in a brief phone interview on Wednesday. He said the Mexican plant was still in operation, and 'we are looking at it. We may get involved with it in the future, but right this second, we're not.' Feds: Minneapolis, Dakota County search warrants stemmed from 900 lbs of meth found in Burnsville storage unit Eagan city administrator withdraws resignation, passes up ICMA role Community memorial set for William 'Ike' Eickholt, found dead last winter MN Legislature: Measure to divert transportation funds from counties dropped Charges filed in drive-by shooting outside Burnsville High School graduation
Yahoo
23 minutes ago
- Yahoo
Raising Cane's Just Opened Its First Location In This Southern City
When Raising Cane's opened its first location in Southaven, Mississippi this week, a long line of customers was already waiting. It's no wonder, because the new restaurant gave 20 lucky customers free Cane's for a year, according to WREG in Memphis. The Louisiana-based chicken chain is known for chicken fingers dipped in Cane's Sauce, a proprietary and top-secret recipe. Combos come with a side of crinkle-cut fries, cole slaw, and Texas toast. WREG says a 10-year-old, Adam Hamed, got his parents to drive him from out of town at 6 a.m. for a chance at free chicken. The store opened at 10 and Hamed was 83rd in line. 'It's the sauce and the chicken tenders. That's what I love — the sauce,' said Hamed. As for the woman who was first in line, Suzette Hughes from Milington, she slept outside the door. 'There is no place like Cane's… no place like Cane's… no place like Cane's,' she told WREG. 'I got here last night, about 8 last night, camped on the sidewalk. Had my blowup queen-size air bed. That's where I slept.' Those who didn't win a year's worth of chicken still got something for their efforts. The chicken chain gave out a commemorative hat and free box combo card to the first 100 buyers of a combo. Raising Cane's has added more than 800 locations since the original restaurant opened near LSU's campus in 1996. Read the original article on Southern Living
Yahoo
24 minutes ago
- Yahoo
Politically tied loan request awaits state panel's decision
PIERRE, S.D. (KELO) — A Sioux Falls-based business that has significant political connections to the highest levels of South Dakota state government is seeking a $1.2 million low-interest loan from the state Board of Economic Development. The board on Wednesday delayed a decision on the REDI loan application, however, until after CoAxis Energy Company can provide additional information to the Governor's Office of Economic Development that the board has requested. The board operates as the decision-making arm of GOED. CoAxis is a liquid natural gas supplier and system designer. Its president is Scott Stern. He was GOED commissioner during the latter years of the Daugaard administration and is president of family-owned Stern Oil Company, based in Freeman. Cheyenne River Reservation authorities investigating 2 deaths Among others listed on the CoAxis website's leadership page is Dennis Daugaard, who served as South Dakota governor from 2011 through 2018. Daugaard appointed Stern in 2016 as GOED commissioner. Stern stepped down in November 2018 as Daugaard's time as governor came to a close. A business record on file at the South Dakota Secretary of State office shows that Stern established CoAxis in 2019, the year after he had returned to the private sector. The CoAxis vice president is Trent Arlint. He is married to Republican Rep. Amber Arlint. Stern is her father. Two of the state board's members, chair Jeff Erickson of Sioux Falls and Joy Nelson of Watertown, recused themselves from the discussion during the teleconference on Wednesday. Erickson said they serve on the board of directors for a bank that may be participating. Erickson, Nelson and Daugaard are directors for American Bank & Trust. Erickson and Daugaard have also been involved with Standard Trust, a Sioux Falls-based investment company. Gov. Larry Rhoden appointed Daugaard's son-in-law, Tony Venhuizen, as lieutenant governor earlier this year. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
