TGI Fridays files for bankruptcy, as sit-down chain restaurants face broad challenges

Restaurant chain TGI Fridays filed for bankruptcy protection Saturday, saying it is looking for ways to "ensure the long-term viability" of the casual dining brand after closing many of its branches this year.

The Dallas-based company filed for Chapter 11 bankruptcy protection in a Texas federal court.

TGI Fridays Executive Chairman Rohit Manocha in a statement said the "primary driver of our financial challenges resulted from COVID-19 and our capital structure."