TGI Friday restaurant chain is for sale -Business News, Firstpost


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TGI’s parent company Fridays Restaurants said on Friday it was considering a potential sale of the casual restaurant chain as part of a review of strategic alternatives.

TGI’s parent company Fridays Restaurants said on Friday it was considering a potential sale of the casual restaurant chain as part of a review of strategic alternatives.

The board of directors of Carlson, a privately-held US-based hotel and travel company, has selected Piper Jaffray as its financial advisor, the company said in a statement.

Thank God, it’s Friday

TGI Fridays posted sales of $ 2.7 billion last year. It operates more than 900 restaurants, including more than 500 in the United States and the remainder in some 60 other countries, and employs approximately 74,000 people.

“Over the past few years, Carlson has invested heavily in the company to refresh the brand, coupled with aggressive actions within the corporate structure to contain costs,” said Nick Shepherd, Managing Director of Fridays, in a press release.

TGI Fridays, which opened its first establishment in 1965 in New York City, claims to be the originator of the term “happy hour,” in which patrons get together after work for special food and drink, and to have created the drink. Long Island Iced Tea.

Reuters

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