TGI Fridays CEO explains how the corporate is making a comeback after submitting for chapter in 2024.
TGI Fridays is aiming for a comeback after a difficult 12 months that noticed dozens of closures and a chapter submitting. Former CEO, Ray Blanchette, is again on the helm, spearheading efforts to revive progress and profitability.
The corporate joined quite a lot of eating places that filed for defense in chapter court docket in 2024 after failing to handle the heavy debt it accrued in the course of the COVID-19 pandemic. It shuttered greater than two dozen areas. Through the restructuring, the corporate offered 27 of its 39 corporate-owned items to franchisees, transitioning to a completely franchisee-led mannequin. In January 2025, Blanchette, founding father of Sugarloaf TGIF Administration, stepped in to steer the corporate once more.
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Blanchette, who first served as CEO from 2018 to 2023, admitted the corporate had “tried to lean away from ourselves.” To course-correct, he established a franchisee advisory board to assist information brand-wide selections and is shifting rapidly. He informed FOX Enterprise that inside his first 100 days again, the corporate had already upgraded 80% of its menu, with a brand new meals and cocktail menu launching nationwide on Might 13.
The upgrades give attention to enhancing ingredient high quality and consistency, with a renewed emphasis on in-house preparation. The corporate is returning to practices like hand-breading hen, hand-cutting steaks and making sauces from scratch – changing store-bought variations that usually include stabilizers, in accordance with Blanchette.
TGI Fridays joined quite a lot of eating places that filed for defense in chapter court docket in 2024 after failing to handle the heavy debt it accrued in the course of the COVID-19 pandemic. (John Greim/LightRocket by way of Getty Photos) / Getty Photos)
Blanchette stated the corporate can be working to enchantment to a youthful viewers, which has a “high food IQ.” Nevertheless, that does not imply it is absolutely embracing the shift in shopper preferences towards more healthy choices.
“That can sometimes be a bit of a fool’s errand because the guest says one thing, and they buy differently,” Blanchette stated. “Food that’s full of nutrients certainly has a place on our menu, but it’s not the driving force behind the menu.”
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Blanchette acknowledges that TGI Fridays isn’t ready to significantly threaten any main restaurant manufacturers – however its smaller dimension provides a singular benefit.
“We can take more risks and do things that might cause them to disrupt their own strategy,” he stated. “I think that’s a role that we likely could and should play in the restaurant landscape, trying to really push the envelope around bold innovation. And all of these flavors, all of new trends certainly fit in that mold.”
A giant a part of its revival plan is refreshing the model’s voice, concentrating on youthful shoppers by way of social media and revamping its menu. (Lynne Cameron/PA Photos by way of Getty Photos) / Getty Photos)
As an example, he stated that the corporate is exploring the usage of beef tallow and the way it may improve the flavour of its french fries.
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Past menu innovation, TGI Fridays can be shifting the way it presents itself. The corporate is “changing the brand voice and freshening it up” and focusing extra on participating shoppers by way of social media moderately than conventional TV advert campaigns, in accordance with Blanchette.
“We’re not using the rearview mirror to drive the car. We’re looking through the windshield and saying, ‘all right, what does this create in terms of opportunity for us?’” Blanchette stated. “If we’re now more nimble, if we are now more aligned, can we move faster? Can we do things that our competitors would never consider because of the size and scale of their business?”
