SEOUL, February 05 (AJP) - TGI Fridays will close all its restaurants in South Korea, ending a 33-year presence in the country, according to MFG Korea, the restaurant chain's local operator, Wednesday.
MFG Korea will gradually shut down its remaining 14 locations, with 10 outlets closing this month and the final four next month. The company plans to focus on its Mad for Garlic brand operations.
The American casual dining chain entered the South Korean market in 1992 with its first location in Yangje-dong, Seoul, and expanded to 60 restaurants during its peak in the early 2000s. However, the number of outlets has declined to 14 as the family restaurant sector has contracted.
The closure follows TGI Fridays' U.S. parent company filing for Chapter 11 bankruptcy protection in November 2024, citing financial difficulties due to the COVID-19 pandemic and seeking strategic alternatives for the brand's long-term survival.
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