Struggling with debts and huge losses, the UK operator of TGI Fridays, Hostmore has gone into administration, putting the future of 4,500 jobs at risk. As part of the administration, a total of 87 restaurants under the ownership of the hospitality giant have been put up for sale. To protect the future of the brand and save jobs, the company aims to complete a sale by September’s end.
Hostmore reiterated that despite the administration, the popular American food chain would continue to operate as normal, implying that the food brand would function independently before the sale. The spokesperson further added that no decisions had been reached yet about closing any TGI Fridays restaurants.
TGI Fridays has suffered the consequences of changing customer food preferences that have led away from unhealthy food options through changing times. While the popular American-franchise was one of the UK’s trailblazers, popular for offering an incredible night-out experience beyond burgers, TGI Fridays has been struggling for a while due to the rise in popularity of veganism and healthier food choices.
The debilitating financial impact of Covid19 and the rising popularity of online shopping have hit UK shops and hospitality businesses hard, with 18 chemists, 16 pubs, and nine banks shutting every week on average, during January and June, according to data from PwC
Read the full article from The BBC here: Read More
