Former TGI Fridays CEO Ray Blanchette Returns to Lead Chain
Ray Blanchette, former CEO of TGI Fridays, will manage most of the chain's global restaurants, succeeding a consulting firm that managed the company following a debt default. Blanchette, who led TGI Fridays from 2018 to 2023 and owns seven franchises through Sugarloaf Hospitality, is set to manage over 400 franchised restaurants. This decision follows years of declining sales, restaurant closures, and executive instability, culminating in a bankruptcy filing in November. The chain's revenues fell during the pandemic, triggering rapid debt repayment due to a 2017 debt financing deal. TGI Fridays' U.S. presence has decreased from over 600 to about 150 restaurants since 2008. Currently, in bankruptcy, the company is selling off owned restaurants and recently sold several to franchisee MERA Corp.