TGI Fridays intends to sell most of its 247 company-run units to current and new franchisees who agree to renovate the restaurants and construct stores on what the company termed an “accelerated timetable.”
The refranchising should be completed within about 18 months, the chain said.
The effort to step up expansion is the first major initiative for the chain since it was acquired from the Carlson family by Sentinel Capital and TriArtisan Capital Partners. The chain consists of 900 restaurants in 60 countries.
Fridays describes the new look of its stores as “fresh, modern and engaging.” The facelift has been given to 93 restaurants to date.
“This new structure is a natural step in the evolution of the Fridays brand, and is in full alignment with our broader strategic plan,” said TGI Fridays President and Chief Executive Officer Nick Shepherd
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