Is fast casual food dying out? TGI Friday's just closed another 30 restaurants after closing 100 in the previous year. This staple of many American childhoods filed for bankruptcy late last year and has not improved its lot in life. I didn't know that there was a level below rock bottom, but welcome to the real world, I guess.
Apparently, the northeast, Maryland, and Ohio were hit hardest by this most recent series of closures. If we're being completely honest with each other, I kind of forgot TGI Friday's existed. Not that I ever disliked the food, quite the opposite, I just hadn't seen any in a while...I guess now I know why.
New CEO Discusses
Ray Blanchette, who was CEO between 2018 and 2023 was actually rehired as CEO earlier this year. Because going back to your ex always screams success story. He said in an interview with Restaurant Dive, "Over the past decade, our business, and the category-at-large, has faced challenges...Yet, the essence of Fridays — our culture, values, and people — remains strong".
Man don't you just love how dangerously optimistic rich people are when their company is failing? I will say, genuinely, this is nice to hear from your newest helmsman. What you need when you have 130 restaurants closing in less than a year and a half is dangerous optimism.
Restaurant Celebrates 60th Birthday
The other positive for TGI's is that the company is celebrating its 60th birthday. A feat not so easily achieved. And it looks like Ray is trying to capitalize on a new direction of globalization for the company.
In that same interview with Restaurant Dive, he mentioned opening up new locations in India, Thailand, Vietnam, and Singapore. With the number of people who live in those countries, it's a fantastic idea. Talk about a captive audience.
He also stated, "We're actively securing new development agreements in Peru and Japan with highly successful existing partners". Japan isn't as densely populated as the other asian countries, but does have some punching power economically. And it never hurts to tap into the South American market. If soccer has taught us anything than it's taught us they are quite passionate about the things they love.
I guess Ray can only hope he taps into that same nationalistic fervor.
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