Americans enjoy going out to dinner with friends, family members, and loved ones.
But Joe Biden’s economy is forcing many restaurants out of business.
And now this one popular American restaurant chain is closing its doors after nearly 60 years in business.
Food and drinking establishments are a major industry in the United States.
According to research by US Foods, Americans dine out three times per month on average.
57% of American consumers said they preferred ordering takeout or delivery while 43% preferred going to a restaurant.
And those who enjoy eating out have a variety of choices.
There are over one million restaurant locations in the United States that employ more than 15 million people.
But the number of choices has been declining in Joe Biden’s economy.
On Saturday, TGI Fridays announced that it had voluntarily filed for Chapter 11 bankruptcy in the United States Bankruptcy Court of the Northern District of Texas.
“TGI Fridays, an American casual dining chain, said on Saturday that it has filed for Chapter 11 bankruptcy protection after grappling with prolonged financial challenges and a collapsed deal with UK-based Hostmore,” Reuters reported. “In a filing with the U.S. bankruptcy court for the Northern District of Texas, the company listed both assets and liabilities in the range of $100 million to $500 million.”
The bankruptcy petition was filed by TGI Fridays Inc., which owns and operates the chain’s restaurants in the United States.
According to legal documents, TGI Fridays is more than $100 million in debt.
This includes millions of dollars the company owes to landlords, vendors, digital marketers, and other businesses.
Executive Chairman of TGI Fridays Inc. Rohit Manocha blamed the bankruptcy on the COVID pandemic’s devastating impact on the economy.
“The primary driver of our financial challenges resulted from Covid-19 and our capital structure,” he wrote in a release. “This restructuring will allow our go-forward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential.”
TGI Fridays has over 461 restaurants in over 44 countries.
But fans of TGI Fridays will still be able to enjoy their favorite place for a little while longer.
According to company officials, TGI Fridays will maintain operations across 39 restaurants in the United States.
Of course, TGI Fridays is not the only restaurant to file for bankruptcy.
At least 10 restaurant chains have filed for bankruptcy this year alone.
This includes Buca di Beppo, Tijuana Flats, and Red Lobster.
Denny’s reported last month that it will be shutting down 150 of its restaurants over the next year.
The economic woes are hitting businesses outside the restaurant industry as well.
Major retailers have closed 6,189 stores this year so far in America.
As Fox 8 reported, smaller chains are struggling to keep up with big businesses like Amazon, Walmart, Costco, and Home Depot.
Democrat policies have wrecked the American economy.
And it only took them three and a half years to do it.
