KUALA LUMPUR – TGI Fridays (TGIF) Malaysia has assured customers that its local franchise restaurants remain fully operational and unaffected by the recent Chapter 11 filing by TGIF Inc in the United States.
In a filing with Bursa Malaysia yesterday, Techna-X Bhd’s wholly-owned subsidiary Craveat International Sdn Bhd, the master franchisee and developer for TGIF Malaysia, confirmed its stability and announced new outlet openings ahead.
TGIF Malaysia plans to open a new outlet at Mid Valley Megamall in November 2024, reopen its Sunway Pyramid outlet in December 2024, and launch a new outlet in Putrajaya by the first half of 2025.
Craveat International operates under the franchise agreement with TGI Fridays Franchisor, LLC, which is separate from TGIF 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. These franchise locations, both domestic and international, are independently owned and not included in TGIF Inc’s Chapter 11 process. They remain open and continue to serve customers as usual,” Techna-X stated.
TGIF Inc. which oversees 39 corporate-owned restaurants in the US, filed for Chapter 11 protection on Nov 2, 2024, in Dallas, Texas. This filing allows TGIF Inc to reorganise and restructure its financial operations to ensure long-term stability.
“The filing affects only corporate-owned restaurants in the US, while franchise locations worldwide remain unaffected. TGI Fridays continues to operate more than 400 restaurants globally, committed to delivering ‘That Fridays Feeling’ to guests worldwide,” the statement added.
To ensure continuity for franchisees globally, Techna-X noted that TGI Fridays Franchisor, LLC has established a transition services agreement to maintain support services during this period. These measures allow franchise operations, including those in Malaysia, to continue without disruption. – November 5, 2024