I can’t remember the last time I was in a TGI Fridays (although, whenever it was, I’m assuming it was in an airport or next to a hotel) and it would seem that plenty of other people haven’t either.
That’s got the restaurant chain nervous, and not for the reason you’d think. They’re concerned because there are believed to be $50 million worth of unused TGI Fridays gift cards out there and if they were to all be used, it could sink the entire company.
Pour out a domestic light beer for potato skins and mozzarella sticks…
According to Forbes, TGI Fridays filed for bankruptcy last week and in those filings they revealed that there are $49.7 million worth of non-expiring gift cards — some of which date all the way back to 2003 — out there. If they were going to be used, it’d be a very expensive problem for the ailing chain.
Sure, other restaurants have filed for bankruptcy lately so they can get through this. Red Lobster just did it, although they got a boost from the magical positivity of Flavor Flav. […]
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