The family restaurant TGI Fridays is ending operations in Korea.
According to the restaurant industry on the 4th, MFG Korea has decided to end its operation of the TGI Fridays brand and will close stores sequentially based on the lease contract period. MFG is said to have made this decision to focus on the Mad for Garlic brand.
TGI Fridays has locations in Lotte Department Store and some Lotte Outlet branches. Out of 14 stores, 10 will close this month, while the remaining four will cease operations next month.
Earlier, TGI Fridays filed for bankruptcy protection (Chapter 11) in the U.S. last November. This is a restructuring process similar to legal management or workout in Korea, allowing corporations to continue operations while reconfiguring their debt.
According to market research firm Technomic, TGI Fridays' U.S. revenue last year was $728 million, a decrease of 15% compared to the previous year.