TGI Fridays is aiming for a comeback after a challenging year that saw dozens of closures and a bankruptcy filing. Former CEO, Ray Blanchette, is back at the helm, spearheading efforts to restore growth and profitability.
The company joined a number of restaurants that filed for protection in bankruptcy court in 2024 after failing to manage the heavy debt it accumulated during the COVID-19 pandemic. It shuttered more than two dozen locations. During the restructuring, the company sold 27 of its 39 corporate-owned units to franchisees, transitioning to a fully franchisee-led model. In January 2025, Blanchette, founder of Sugarloaf TGIF Management, stepped in to lead the company again.
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Blanchette, who first served as CEO from 2018 to 2023, admitted the company had “tried to lean away from ourselves.” To course-correct, he established a franchisee advisory board to help guide brand-wide decisions and is moving quickly. He told FOX Business that within his first 100 days back, the company had already upgraded 80% of its menu, with a new food and cocktail menu launching nationwide on May 13.
The upgrades focus on improving ingredient quality and consistency, with a renewed emphasis on in-house preparation. The company is returning to practices like hand-breading chicken, hand-cutting steaks and making sauces from scratch – replacing store-bought versions that often contain stabilizers, according to Blanchette.
Blanchette said the company is also working to appeal to a younger audience, which has a “high food IQ.” However, that doesn’t mean it’s fully embracing the shift in consumer preferences toward healthier options.
“That can sometimes be a bit of a fool’s errand because the guest says one thing, and they buy differently,” Blanchette said. “Food that’s full of nutrients certainly has a place on our menu, but it’s not the driving force behind the menu.”
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Blanchette recognizes that TGI Fridays isn’t in a position to seriously threaten any major restaurant brands – but its smaller size offers a unique advantage.
“We can take more risks and do things that might cause them to disrupt their own strategy,” he said. “I think that’s a role that we likely could and should play in the restaurant landscape, trying to really push the envelope around bold innovation. And all of these flavors, all of new trends certainly fit in that mold.”
For instance, he said that the company is exploring the use of beef tallow and how it might enhance the flavor of its french fries.
Beyond menu innovation, TGI Fridays is also shifting how it presents itself. The company is “changing the brand voice and freshening it up” and focusing more on engaging consumers through social media rather than traditional TV ad campaigns, according to Blanchette.
“We’re not using the rearview mirror to drive the car. We’re looking through the windshield and saying, ‘all right, what does this create in terms of opportunity for us?’” Blanchette said. “If we’re now more nimble, if we are now more aligned, can we move faster? Can we do things that our competitors would never consider because of the size and scale of their business?”
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