Popular Iowa Bar And Restaurant Chain Selling All Its Locations
50% of restaurants fail within the first 3 years. A major chain that has been around for nearly 60 years is about to go through some major changes.
If you are somebody who has always wanted to own a restaurant is this the right opportunity for you?
More Iowa Restaurants Could Be Closing
While this restaurant is selling locations it's also closing some locations across the country. And they aren't the only ones.
Recent closures have been happening with fast food places like Hardees, casual dining like Applebee's, and "boutique restaurants" like Mod's Pizza.
LOOK: Seven other Iowa restaurants that could be closing soon.
TGI Fridays Selling All Its Corporate Locations
The Street reported that TGI Friday had plans to be acquired by Hostmore, its UK franchise operator.
RestaurantDive reported. "The combined company will operate 189 corporate-owned restaurants across the U.S. and U.K. The company also franchises around 400 stores across 44 countries."
Now that won't happen. And the group now has completely opposite plans. They now plan to sell their owned-and-operated restaurants to franchise operators.
Hostmore and TGI Fridays will now sell off their corporately owned stores with TGI Fridays selling their 92 existing corporate stores and Hostmore selling their 87 corporate stores to existing or new franchisees, who will then operate the stores and pay franchise fees.
You, Iowa diners traveling to our neighboring states that have TGI Fridays might not notice a big difference. Franchise stores still need to be run strictly according to the corporate handbook.
If you are an investor, check your local TGI Fridays because it might be for sale. However, if a group of multi-millionaires are not interested in owning more of the restaurants, maybe you shouldn't be either.
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