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Food lovers have been left divided by the news that Hostmore, the parent company of TGI Fridays UK, has filed for bankruptcy.
Hostmore, which runs the UK franchise of TGI Fridays, has appointed administrators and delisted its ordinary shares after struggling to find a “durable solution” to save the business amid heavy losses and mounting debts, it said on Wednesday.
The company is in the process of trying to find a buyer for its 87-outlet chain in the UK in the hope that TGI Fridays can live on on the high street and save the jobs of around 4,500 staff across the UK.
TGI Fridays restaurants remain open as normal while the administration process begins, but the future of the chain is uncertain as its parent company faces huge losses.
While some food lovers lamented the prospect of never eating TGI Fridays' sesame chicken dish again if the chain were to close, others concluded that the company's fate has long been sealed, due to rising menu prices and mediocre food quality.
“WHAT DO YOU MEAN TGI FRIDAYS IS UNDER ADMINISTRATION? THEY BETTER NOT CLOSE ANY STORES. SESAME CHICKEN IS MY COMFORT FOOD,” one fan said, while another added: “If TGI Fridays closes and I never eat sesame chicken again I’m not sure I’ll recover.”
Others commented that the Jack Daniels-infused sauce the chain uses on its chicken strips “will be missed.”
One visitor, who visited the chain's first London branch, which opened in Covent Garden in 1987, said he loved the restaurant at the time but the business has struggled to adapt and appeal to modern tastes.
“The last time I went to one was a year ago. It was the same old thing, but with new, exorbitant prices. Other fast food establishments are evolving, while TGI remains the same.”
“I can’t say I’m surprised by TGI Fridays. I first ate there in Covent Garden in the mid-90s and it was very good. However, I stopped going there several years ago because the food was pretty average at a high price. I feel sorry for the staff, but I wasn’t surprised at all.”
Another person concluded that the restaurant's economic crisis “was long overdue” and that its current offering is “a far cry from its glory days of the 1990s and 2000s.”
“My wife and I have loved the food for 15 years,” added another foodie. “We have always hated the customer service (or lack thereof) and over the last 12 months the price has gone up. Last week we said it was our last visit. I am not surprised at all.”
Others have been more nostalgic about the news. One man recalled going there for special occasions as a child and vomiting in the car park on his 16th birthday because he had eaten “too much pudding”.
Another person added that the restaurant's American appeal dazzled them as children.
“When I was a kid, TGI Fridays was the epitome of sophistication for a girl from a small English town whose single mother couldn’t drive,” she said online. “You mean we can go into town? And eat in a restaurant? And it looks like the US? Rest in peace my silly childhood conceptions of the world.”
Hostmore said earlier this month that it did not expect to “recover any significant value” from the sale of the sites, meaning it would earn less from the sale than it owes to creditors and banks.
It is unclear whether Hostmore will find a buyer for the entire chain or whether it will be able to sell some but not all of the restaurants.
The collapse of the London-listed hotel brand comes after plans to buy the US restaurant chain for £177m fell through earlier this month.
It would have merged with U.S.-based TGI Fridays Inc. to create a larger company that would remain listed on the London Stock Exchange.
But takeover plans were abandoned after a management change that would have meant it could not collect royalties from the TGI Fridays brand.
TGI Fridays was originally founded in New York in 1965 with its well-known slogan: “It’s always Friday here.”
Susannah Streeter, director of money and markets at Hargreaves Lansdown, told the PA news agency: “TGI Fridays burst onto the UK restaurant scene in the mid-1980s with its American-inspired décor and menus that catered to the appetite for American cuisine.
“Although the chain had focused on cutting costs and significantly reduced losses from unprofitable stores, it was not enough to keep the business afloat.”
With additional reporting from PA.
