TGI Fridays Malaysia remains unaffected with TGI Fridays Inc. bankruptcy filing
TGI Fridays Franchisor, LLC, is not impacted by the restructuring in the US.
TGI Fridays Malaysia has assured its customers that local franchise restaurants will continue operating as usual and remain unaffected by the recent Chapter 11 bankruptcy protection filing by TGI Fridays Inc. in the US.
Craveat International Sdn Bhd, a wholly owned subsidiary of Techna-X Berhad, is the master franchisee and developer for TGI Fridays Malaysia.
Craveat International Sdn Bhd operates under the franchise agreement with TGI Fridays Franchisor, LLC, which is separate from TGI Fridays Inc. and is not impacted by the restructuring in the US.
TGI Fridays Franchisor, LLC, has franchised the brand to 56 franchisees in 41 countries. All of these franchise locations, both domestic and international, are independently owned and therefore not included in TGI Fridays Inc.'s Chapter 11 process.
TGI Fridays Inc., which oversees 39 corporate-owned restaurants in the US, filed for Chapter 11 protection on 2 November in Dallas, Texas.
This legal step allows TGI Fridays Inc. to reorganise and restructure its financial operations to ensure long-term stability, impacting only corporate-owned restaurants in the US, whilst franchise locations worldwide remain unaffected.
Moreover, TGI Fridays Malaysia has also announced several new developments, including a new outlet opening at Mid Valley Megamall in Kuala Lumpur in November, the reopening of the Sunway Pyramid outlet in December, and a new outlet launch in Putrajaya in the first half of 2025.
To ensure continuity for franchisees worldwide, TGI Fridays Franchisor, LLC has established a Transition Services Agreement to maintain support services during this period, allowing franchise operations, including those in Malaysia, to continue business without disruption.
In Australia, TGI Fridays franchisee Signature Group Holdings also made a similar statement.
