TGI Fridays files for bankruptcy

(CNN)– TGI Fridays filed for bankruptcy protection on Saturday, Nov. 2.

In a statement, the executive chairman of the casual dining chain cited the pandemic as being the cause of their financial woes.

The company says the bankruptcy only affects the chains parent company and not the franchises.

All restaurants will remain open including the dozens that are corporately owned.

The company says it will use the Chapter 11 process to explore strategic alternatives in order to ensure long-term viability of the chain.