NEW JERSEY – TGI Fridays® Thursday announced the sale of eight previously corporate-owned restaurants in the Northeast to former CEO Ray Blanchette.
With a history of deep involvement and unwavering confidence in the Fridays brand, Mr. Blanchette brings an unmatched understanding of the TGI Fridays business and the restaurant’s commitment to delivering excellence for guests. Following the finalization of the sale, Blanchette will lead the locations into a new phase of revitalization.
As TGI Fridays continues executing an era of transformation, the transition is poised to deliver continued revenue while reaffirming the brand’s commitment to creating exceptional experiences for guests. The sale follows recent moves to bolster TGI Fridays’ leadership team, including the recent appointments of Weldon Spangler to Chief Executive Officer, Ray Risley to U.S. President and Chief Operating Officer and Nik Rupp to President and COO of International and Chief Financial Officer.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays. “We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering “That Fridays Feeling™” that our fans know and love.”
As part of the brand’s ongoing growth strategy, TGI Fridays will also close 36 underperforming locations in select markets across the U.S. This includes the transfer of select corporate locations to former TGI Fridays CEO, Ray Blanchette, along with the closure of 36 underperforming corporate locations in the United States, including seven locations in New Jersey, in Marlton/Evesham, Princeton, Springfield, Eatontown, Wayne Town Center, Hackensack, and Iselin/Woodbridge.
As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, U.S. President and Chief Operating Officer at TGI Fridays. “By strengthening our franchise model and closing underperforming stores, we are creating an unprecedented opportunity for Fridays to drive forward its vision for the future.”
