TGI Fridays has filed for Chapter 11 bankruptcy [Yahoo! Finance]
Main Street Capital Corporation (MAIN)
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Source: Yahoo! Finance
The company said the COVID-19 pandemic was the “primary driver of our financial challenges,” in a recent statement. The Chapter 11 restructuring process will allow TGI Fridays “to proceed with an optimized corporate infrastructure that enables them to reach their full potential.” “The next steps announced today are difficult but necessary actions to protect the best interests of our stakeholders, including our domestic and international franchisees and our valued team members around the world,” said Rohit Manocha, Executive Chairman of TGI Fridays Inc. in the statement. TGI Fridays has “secured a commitment for debtor-in-possession financing to support operations while proceeding through the Chapter 11 process,” the statement specified. The company also filed motions with the Bankruptcy Court in the Northern District of Texas, which will allow it to “continue its customer programs in the normal course” when approved. Back in January, TGI Fridays closed 36 “underperforming” locat
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