JIB Management Inc. has purchased 48 TGI Fridays units across the Midwest, adding to the 16 Orlando-area Fridays locations the foodservice management company purchased earlier this year.
As part of the deal, JIB will remodel the Midwest restaurants to fit the brand’s modernized look. In addition, it will grow the brand’s presence in that region by building 16 new locations in major Midwest markets—including Chicago, Detroit, Indianapolis and Minneapolis.
Fridays is now nearly 80 percent franchised, the casual-dining chain said, and expects to refranchise the majority of its remaining company-owned locations sooner than planned.
"We have a strong network of franchisees who are committed to driving the Fridays business forward by reimaging their existing restaurants, opening new locations and above all else, focusing on their people," said Ricky Richardson, TGI Fridays USA president, in a statement. "Our refranchising strategy has allowed us to add great franchise partners like JIB to our existing strong franchise base.”
JIB Management currently owns and operates more than 300 restaurants across California, Texas and the Southeastern U.S., including brands such as Jack in the Box, Denny’s, Sizzler, Corner Bakery Cafe and El Pollo Loco.