TGI Fridays files for bankruptcy protection as sit-down restaurant struggles continue

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's Chapter 11 filing in a Texas federal court accelerates a gradual decline for an iconic chain that was once near the center of American pop culture but has seen its customer base dwindle as tastes changed.

The company has boasted that its bartenders trained Tom Cruise for his role in the 1988 film “Cocktail.” Its serving staff's button-filled uniforms, meant to evoke a fun atmosphere, were later parodied in the 1999 satire “Office Space,” starring Jennifer Aniston.

Rohit Manocha, executive chairman of TGI Fridays, said in a statement that the “primary driver of our financial challenges resulted from COVID-19 and our capital structure.”