Americana Restaurants confirms TGI Fridays' UAE, Gulf operations will continue despite US bankruptcy
Americana Restaurants' says TGI Fridays' US bankruptcy will not affect Gulf operations
Dubai: The ADX- and Tadawul-listed Americana Restaurants confirmed there are no plans to wind down its TGI Fridays' restaurants in the Gulf and Egypt markets. The statement comes after the parent company of TGI Fridays, whose menu includes American meal staples, filed for bankruptcy proceedings in Texas earlier this month.
Americana Restaurants is the exclusive franchise partner for TGI Fridays in six markets - the UAE, Kuwait, Bahrain, Qatar, Saudi Arabia, and Egypt.
"Americana Restaurants wants to reassure its customers, stakeholders, and shareholders that TGI Fridays will continue to operate seamlessly in our six markets, and our business has no impact as a result of the Chapter 11 filing by TGI Fridays Inc. on November 2," the statement said.
Americana Restaurants says that it operates under a franchise agreement with TGI Fridays Franchisor llc, which is 'separate from TGI Fridays Inc.'.
As such, that would mean it is not impacted by this restructuring in the US
"TGI Fridays Franchisor llc has partnered with 56 franchisees in 41 countries," the statement added. "As these locations are independently owned, they are not affected by TGI Fridays Inc.’s Chapter 11 filing."
Americana Restaurants recently came out with its 9-month financial results, which saw declines on key numbers. The operator cited the geopolitical situation as a major reason.