Bankruptcy Imminent For Popular Restaurant Chain With Locations In Minnesota
This familiar restaurant chain with several locations in Minnesota is facing an uncertain future and is preparing to file for bankruptcy.
Restaurants play a unique role in our economy and culture both here in Minnesota and across the country. The National Restaurant Association estimates that there are currently over 11,100 restaurants in the North Star State, generating over $15 billion in sales.
However, difficult hours and high turnover rates mean it's often tough for restaurants here in Minnesota and across the country to attract and retain workers. And, since the pandemic introduced even more challenges, it's been common to see restaurant closings become a more common occurrence in the news.
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So perhaps it's not surprising to hear that TGI Fridays is apparently taking steps to file for bankruptcy protection soon. That's the word from this Yahoo Finance story, which explains that its parent company is exploring several options:
The company is huddling with lenders in search of a loan that would help it continue running restaurants through the Chapter 11 process and emerge as an operating company.
In case you forgot, TGI Fridays closed two of its seven locations here in the Land of 10,000 Lakes permanently back in September. That news was a surprise, seeing neither Minnesota locations of Minneapolis nor St. Louis Park were listed in this USA Today story from earlier this year that said the chain was set to close 36 locations across the country.
According to the TGI Fridays corporate website, there are still five locations here in the North Star State:
- Coon Rapids
- Maplewood
- Maple Grove
- Bloomington
- Burnsville
TGI Fridays isn't the only chain to face an uncertain economic future. Earlier this year, the popular Italian restaurant chain, Buca di Beppo also announced that it was filing for bankruptcy, as well. That announcement also came after the chain, which was founded right here in the Land of 10,000 Lakes, also closed several locations across the country.
READ MORE: Pharmacy Chain With Locations in Minnesota Is Closing Thousands of Stores
So while both TGI Fridays and Buca di Beppo still have locations in Minnesota, that's not the case for some restaurants that were also once popular. Keep scrolling to check out 50 beloved retail chains that weren't so successful and are now not around anymore.
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LOOK: 50 Beloved Retail Chains That No Longer Exist
Gallery Credit: Madison Troyer
