Once A Happy Hour Hot Spot, This Restaurant Chain Doesn't Have Many Locations Left

Happy hour has been a concept for decades, with its origins potentially dating back more than a century thanks to the United States Navy using the term. But it wasn't until much later — sometime between the 1940s and 1950s — that it became associated with food and drink deals. Then, between the 1960s and 1980s, the chain restaurant TGI Fridays rose in popularity thanks to its happy hour deals and ample appetizer selection, making it a go-to spot for Americans after work. Somewhere down the line, though, things changed for TGI Fridays — as of 2025, only 79 locations still exist in the U.S. What happened?

At its greatest numbers in 2008, TGI Fridays had around 600 locations around the country. But, in 2024, thanks to declining sales due in part to debt that grew throughout the COVID-19 pandemic, TGI Fridays filed for bankruptcy. When bankruptcy was declared, the once-popular chain had a reported $37 million in debt and less than $6 million in available cash. At the beginning of 2024, TGI Fridays had declined to around 270 locations. Rapid closures between 2024 and 2025 dwindled its total down substantially further.

In early 2025, the chain worked hard on a new strategy that would bring diners in the door. It shifted its focus to house-made sauces, hand-cut steaks, and other higher-quality changes with the hopes of consumers buying in. However, the chain still closed dozens of locations throughout the year.

Despite TGI Fridays' bankruptcy filing, it still has a decent international presence. There are far more locations outside of U.S. borders than within it, with around 300 international locations as of 2025. Plus, in September 2025, the chain announced that it's planning to expand to 1,000 locations worldwide, far outpacing any U.S. growth.

"I think we are all relentlessly focused on making [TGI] Fridays what it stands for — flair, freedom, and celebration," Phil Broad, the president of the chain's international presence, told FSR Magazine. Broad called TGI Fridays' new growth plan "a bit of a hockey stick," suggesting there had been a sharp decline in locations over the last few years, but it will be met with a rapid uptick in new spots — at least on a global scale. While TGI Fridays is no longer the happy hour hotspot it once was, the brand might just become much more lucrative internationally — you might have to hit up a happy hour next time you travel abroad.