Popular American restaurant chain TGI Fridays filed for bankruptcy this week.
The UK operator of TGI Fridays went into administration in September Restaurant chain TGI Fridays is worried they may be on the hook for nearly £50 million in unclaimed gift vouchers if their bankruptcy proceedings don’t go smoothly. The amount of unused gift cards issued by the struggling chain- which have no expiration date- far exceeds the amount of cash they have access to, with some dating back as far as 2003.
TGI Fridays’ franchisees rely on the corporation to reimburse them for redeemed gift cards, and while the company isn’t expecting every holder of a card to cash them in at once, there are fears that news of the company’s bankruptcy could prompt a ‘use it or lose it’ mindset amongst customers seeking to cash in before it’s too late. Most of TGI Fridays’ restaurants are franchises, due to the company’s ‘asset-light’ business strategy. TGI Fridays owns 39 restaurants in the U.S.
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