A little more than two years after bankruptcy, TGI Fridays is ready to reclaim its spot at one of the premier casual-dining spots in America.
On Monday, the global brand announced a new turnaround plan—called “1-2-3 Strategic Vision”—that targets more than 1,000 restaurants and $2 billion in annual revenue by 2030. TGI Fridays currently operates nearly 400 stores in over 40 countries. The brand claimed it had over 650 restaurants in 52 countries as of August 2023.
The framework is based around four key pillars.
One is “activating the brand” and creating more engagement with customers. TGI Fridays used the recent example of TGI Elf Days when it essentially turned certain restaurants into holiday wonderlands. The pop-up idea resulted in more traffic, higher check averages, and improved online ratings.
Another concerns expansion. TGI Fridays plans to grow through a variety of formats, including airport locations, inside hotels, and traditional full-service units. This is meant not only to meet customers where they are, but also to increase development opportunities for franchisees.
Speaking of operators, that marks the third pillar—strengthening franchisee profitability through better support and partnership.
The final part of the plan concerns TGI Fridays’ employees. The chain is focused on investing more in leadership development, training, and additional performance initiatives that deliver a more consistent customer experience.
The strategy will be spearheaded by Phil Broad, who was recently appointed president of the global TGI Fridays brand after joining the team as president of international franchising in April 2025. The industry executive previously served as managing director of TGI Fridays U.K. from 1997 to 2001. Broad will be responsible for helping the company grow domestically and internationally.
“TGI Fridays pioneered the casual bar and grill category and continues to introduce Americana culture to millions around the world,” Ray Blanchette, CEO of TGI Fridays, said in a statement. “Our focus as we accelerate our growth is to resonate with the next generation of consumers while preserving the classic Americana feel and signature experience that has made the brand beloved in more than 40 countries. Through these strategic pillars, we honor the heritage of the Fridays brand while appealing to today’s guests who crave bold flavors, high-energy experiences, and reasons to celebrate every day.”
The news marks a major moment for TGI Fridays, which declared bankruptcy in November 2024 and has closed hundreds of restaurants over the past several years.
Blanchette returned as CEO at the beginning of 2025 after serving in the same role from October 2018 to May 2023. He also founded TGI franchisee Sugarloaf Hospitality in November 2023.
TGI Fridays is a 100 percent franchised business after all of its corporate stores were either sold or shuttered out of bankruptcy.
