The United Kingdom division of casual-dining chain TGI Fridays is saved for now after private equity firms, Breal Capital and Calveton U.K., News Today have jointly acquired 51 out of the 87 TGI Fridays stores put up for sale by former U.K. TGI Fridays master franchisee, Hostmore PLC.
According to The Independent, News Today although nearly 2,400 jobs were saved across the remaining 51 U.K. locations of the American chain, the remaining 36 stores were shuttered immediately, leaving 1,012 former TGI Fridays employees now out of work.
U.K.-based hospitality union, Unite Hospitality, claim that staff were not notified of these immediate closures, were shut out of their stores with the locks changed, and many did not receive notice about the company-wide Zoom call.
Employees were also allegedly not told if they would be paid.
"The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole," Julie McEwan, CEO of TGI Fridays UK, said in a media statement sent to The Independent.