17. TGI Friday’s

How Many Stores Closing: 2 or More

Current Value of the Business: $2 billion* (2021 revenue)

Since its inception in the sixties, TGI Friday’s has served as a popular social venue, facing significant challenges during 2020. It underwent a considerable reduction, closing 20% of its outlets by the end of the year, with further closures in 2022 and 2023.

Currently operating 289 locations, TGI Friday’s announced plans in spring 2023 to close several restaurants in Texas and Massachusetts. Despite these setbacks, the chain is eyeing a resurgence with an ambitious strategy to launch seventy-five new establishments in Southeast and South Asia.