TGI Fridays CEO Says 20% Of Its Restaurants May Never Re-Open Again
Reservation service OpenTable recently offered a grave prediction for the American restaurant industry: Twenty-five percent of restaurants won't re-open following the COVID-19 pandemic. Now, we have confirmation that your neighborhood TGI Fridays may be one of those locations.
Up to 20 percent of the chain's 386 restaurants across the country may permanently shutter, CEO Ray Blanchette revealed this week in an interview with Bloomberg.
“Some will close forever, without a doubt,” Blanchette said. “Right now it’s all triage and it’s all about cash: How are you going to make it through and keep the company solvent?”
According to Blanchette, sales initially fell about 80 percent as the pandemic unfolded. Despite a refocus on delivery and pickup, revenue continues to be down by about half.
One initiative the company has taken to try to attract diners in New Hampshire is pitching "white party tents" in parking lots that allow diners to eat farther apart. Connecticut will soon see the tents pop up, too.
“We’ll run it for a month and we’ll see how it goes, and if we can do that profitably we’ll do it,” Blanchette told Bloomberg: “We have become very entrepreneurial. No one’s got a playbook here.”
Outdoor seating is believed to be lower-risk for transmission of the virus. Going out to eat in the middle of this pandemic won't ever be 100 percent risk-free, but that are still measures you can take to protect yourself and your loved ones. To learn more, you can read our restaurant safety guide.
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