2025 has already been a tumultuous year for the retail landscape. And, it seems like restaurant chains are not immune to the highs and lows of business.
Two major restaurants, in particular, have been making headlines over the past few days. TGI Fridays, the struggling casual dining chain with 124 remaining locations throughout the U.S., may be resurfacing from bankruptcy thanks to a new intended acquisition by G5ive Restaurant Group. Meanwhile, beloved breakfast spot Denny's just announced it will be closing 150 locations nationwide by the end of the year. Here's everything you need to know about these two restaurants and their fate over the next few months.
RELATED: The Type of Restaurant You Should Go To, Based on Your Zodiac Sign
G5ive Restaurant Group Plans to Acquire TGI Fridays
In 1965, TGI Fridays (standing for "Thank God It's Friday!") debuted in New York City as a social cocktail club and restaurant. It was known for being the "first happy hour place for singles to mingle" and the creator of the loaded potato skin.
However, after growing to its biggest global footprint of 600 franchise and company-owned locations by 2008, the restaurant chain endured financial struggles and ended up filing for chapter 11 bankruptcy on November 4, 2024. At the time, owners TriArtisan Capital Advisors blamed the COVID-19 pandemic and their capital structure for their insurmountable debt.
These days, 124 locations of TGI Fridays remain in the U.S., but Cory Griffin, a Louisiana-based entrepreneur and founder of G5ive Restaurant Group, has announced plans to acquire the struggling chain through an ownership consortium.
"The creation of G5ive Restaurant Group is more than just a business venture; it’s a statement," Griffin said, according to Verdict Food Service. "By pursuing the acquisition of TGI Fridays, we are actively working to increase Black ownership in major restaurant franchises, building upon the success of Nicholas Johnson and demonstrating the immense potential within the African-American business community."
Griffin's big plans for TGI Fridays include revitalizing the brand with "innovative" new strategies, sustainable operations, and community engagement programs.
Denny's Closing Up to 178 Locations
JHVEPhoto / Shutterstock
While things are looking up for TGI Fridays, the same can't be said for Denny's. The nationwide chain, dubbed as "America's Diner" and famous for its breakfast, revealed on February 12, 2025 that it's shrinking its footprint even more than previously announced.
According to USA Today, Denny's CFO Robert Verostek said 70 to 90 Denny's locations would shutter this year, in addition to 88 that already closed in 2024. Meaning: About 158 to 178 Denny's locations will be wiped from the list of 1,323 U.S. locations for good. This estimate is higher than the 150 locations Denny's announced would close back in October 2024.
Verostek and his colleague, Denny’s executive vice president and chief global development officer Stephen Dunn, explained that the Denny's locations on the chopping block (which have not been listed publicly) are underperforming, have leases set to expire, or are in outdated buildings that can't be saved by renovations. The brand itself has been around for 70 years and some of these locations are over 30 years old.
RELATED: 6 Iconic American Diners to Hit on Your Next Road Trip
"First thing I'll say it's never easy to close restaurants," Dunn said on the call, according to Newsweek. "It's a challenge and you work with external factors, landlords and the like, and of course, you're dealing with people's lives. But we've realized that closing underperforming restaurants is strategically advantageous to a number of our franchisees as it strengthens the bottom line cash flow for the long term."
In good news, along with the closures, Denny's plans to open 25 to 40 new restaurants, half of which will be Denny's acquired brand: Keke's Breakfast Cafe. These new locations have not been listed publicly yet.
