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TGI Fridays’ consensual liquidation plan has been approved by the U.S. Bankruptcy Court for the Northern District of Texas, marking a major milestone nearly two years after the company first filed for bankruptcy in November 2024. During the bankruptcy proceedings, the company sold substantially all of its operating assets.
This plan, which was confirmed on July 24, allows the bankruptcy estate to distribute remaining assets to creditors and wind down the original corporate entity while the TGI Fridays brand continues operating under Sugarloaf Hospitality’s ownership. Sugarloaf Holdings is an investment group led by Ray Blanchette, who returned to the brand in 2025 after previously serving as CEO. “Sugarloaf Holdings LLC, the owner and franchisor of the TGI Fridays global casual dining brand since 2025, welcomes the U.S. Bankruptcy Court’s confirmation of TGI Friday’s Inc.’s Chapter 11 liquidation plan, which formally concludes that entity’s insolvency proceedings,” Blanchette said in a statement. “Sugarloaf Hospitality’s ownership and operation of the TGI Fridays brand is independent of, and unaffected by, the parties in bankruptcy.” According to court documents, there will be no further restaurant closures under the liquidation plan as it primarily affects the Fridays corporate entity.