TGI Fridays UK Saved by Rescue Deal

TGI Fridays in the UK faces significant changes following a financial rescue deal with Breal Capital and Calveton, saving nearly 2,400 jobs but resulting in over 1,000 redundancies as 35 out of 86 restaurants are set to close immediately. The restaurant chain's owner, Hostmore, had fallen into administration due to mounting debt and challenging market conditions. The agreement allows Breal Capital and Calveton to purchase 51 sites, which aims to stabilize the chain's future and preserve the TGI Fridays brand in the UK. The closures and immediate job losses have been criticized by unions for the abrupt manner of execution, leaving affected employees with little notice. Despite the turmoil, TGI Fridays' management remains optimistic about a positive future and the continued appeal of the brand to loyal customers. The rescue deal highlights the ongoing struggles and transformations within the casual dining sector amidst economic pressures.