The restaurant chain’s plan is set to involve hundreds of job cuts as its owner Sugarloaf TGIF Management works to secure the future of the business.
According to Sky News, TGI Fridays could shut between 15 and 20 of its 49 sites, with the final number yet to be determined.
This would mean that hundreds of hospitality workers from the chain’s nearly 2,000 staff will face redundancy.
Sugarloaf TGIF Management, which took control of the franchise only two months ago, is expected to finalise the deal this week.
A spokesperson for the company told Sky News, “TGI Fridays UK is still assessing all options for the future of the business.
“No decisions have been made yet and locations continue to operate as usual.”
In December the company filed two notices of intention to appoint administrators just two weeks apart.
Both made by Liberty Bar and Restaurant Group, the filing was first made on the 5 December, with an identical notice following on the 19 December.
When the company filed on the 5 December, Broad told BusinessLive that the notice “brings the new owners, who assumed control last month, closer to securing and strengthening the long-term future of TGI Fridays in the UK,” adding, “The priority is to protect TGI Fridays employees and its restaurants.”
The company’s future was also called into question in November after Sugarloaf, led by Ray Blanchette, brought in financial advisers Interpath to explore a potential sale of the UK group, just a month after acquiring the business.