TGI Fridays CEO buys back U.K. stores in Sugarloaf deal

Core Insights - TGI Fridays has sold its remaining 49 locations in the U.K. back to its global management, led by returning CEO Ray Blanchette, as part of a strategy to consolidate control over the struggling casual-dining chain [1][2] - This transition aims to strengthen TGI Fridays' business in the U.K. for the long term, with a focus on establishing a U.K.-led management team and enhancing customer experience [3] - The U.K. market has seen three ownership changes in less than 14 months, with Hostmore PLC filing for administration in September 2024 and selling 51 out of 87 stores to private equity firms [3][4] Company History and Challenges - TGI Fridays has faced significant challenges over the past decade, including a sale to TriArtisan Capital and Sentinel Partners in 2014 when it had over 900 locations globally [5] - Sales began to decline in 2019, leading to the closure of numerous restaurants, and by 2020, the store portfolio had shrunk to under 400 locations [6] - Leadership instability has been a recurring issue, with multiple CEOs stepping down in quick succession, including Ray Blanchette in 2023 and his successors Brandon Coleman III and Weldon Spangler [7]