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As part of its ongoing Chapter 11 proceedings, casual dining chain TGI Fridays is selling four of its eight remaining corporate-run locations in New Jersey.

After filing motions in U.S. Bankruptcy Court for the Northern District of Texas, the Dallas-based brand received approval to sell 18 of its remaining 30 company-owned locations to two different bidders.

Judge Stacey Jernigan approved the transactions Jan. 31. Under the terms, Yadav Enterprises Inc., a Fremont, Calif.-based hospitality group, will pick up 15 units for $3 million in debt plus additional costs.

The locations include West Orange, Linden, Burlington Township and East Windsor.

The court also signed off on an offer by Sugarloaf Hospitality, an enterprise owned by former TGI Fridays CEO Ray Blanchette. That buyer will take on two Long Island sites as well as one in Hollywood, Calif., for $100,000, plus payments for cash in the restaurants and the assumption of certain cure costs.

Losing its flair

Founded in New York City nearly 60 years ago, TGI Fridays evolved from a laid-back singles bar into a popular chain with locations around the world. However, as consumers shift away from legacy casual dining brands, the company has faced a slowdown in sales. As a result, it closed half of its U.S. locations over the past decade.

When the company announced plans in January 2024 to shut down “underperforming locations,” it said it was part of a move to bolster finances and streamline operations. Since then, the Friday’s footprint has dropped from 269 restaurants in the U.S. to 129 outposts nationwide.

In November 2024, the chain filed for bankruptcy protection with $37 million in debt following years of sales decline and unit closures. At the time, TGI Fridays said it hoped to use the process “to explore strategic alternatives in order to ensure the long-term viability of the brand.”

The filing only applied to TGIF Fridays’ 39 company-operated locations. According to Restaurant Business, most of those restaurants have now either sold or closed.

Locally, TGI Fridays has gone dark in Bridgewater, Cherry Hill, North Brunswick, Piscataway, Watchung, Hackensack, Wayne, Iselin/Woodbridge, Eatontown, Springfield, Princeton, Marlton/Evesham, Franklin, East Brunswick and Old Bridge.

Besides Linden, Burlington Township, East Windsor and West Orange, TGI Fridays continues to operate in Manahawkin, Turnersville, Toms River and Brick.

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