It's an Epic Mess. TGI Fridays Has Seen Better Days.

The chain that spread happy hour and family dining across America has unpaid bills and vacant offices

- HEATHER HADDON

GEORGE WALKER IV/THE TENESSEAN/USA TODAY NETWORK/REUTERS This fall, the TGI Fridays chief financial officer, operations chief, general counsel and head of procurement quit.

"We can no longer, in good faith, continue to be employed by the company and risk our own personal liability for the company's further operations and obligations," the four executives wrote in a letter to the board, a copy of which was viewed by The Wall Street Journal.

The company filed for chapter 11 bankruptcy in November. It vacated its longtime Dallas headquarters and is storing over 200 boxes of documents and computer equipment at the homes of some employees, according to bankruptcy court documents.

The unraveling of a chain that defined happy hour and family dinner out across America is an epic business saga that spans four CEOs, dozens of restaurant closures, bungled refinance attempts and unpaid bills that no Long Island iced tea could cure.

The chain that once said "in here, it's always Friday" has seen better days.

Ray Blanchette, though, isn't giving up. Blanchette got his start at Fridays as a restaurant manager-in-training in Philadelphia.

He rose to become chief executive of the company from 2018 to 2023, a time when the chain's candy-colored drinks and specials propelled its bar scene. Blanchette, who currently owns eight Fridays locations, says he knows what it takes to bring TGI Fridays back.

He says the brand's bet on people wanting to end the week by unwinding with a pint of beer, friendly company and comforting American food is solid. He is trying to buy up bankrupt TGI Fridays and has made a bid to manage key aspects of the parent company's finances.