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  • 2021-02-22 (xsd:date)
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  • Was a $380M Deal To Sell TGI Fridays Canceled Due to COVID? (en)
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  • When the world celebrated at midnight on Jan. 1, 2020, few foresaw the devastating year that was to come. Previously, in November 2019, a deal was announced that TGI Fridays would soon be sold. The company would also be taken public on the stock market. The total value was set to be $380 million. At the time, Allegro CEO Eric Rosenfeld found TGI Fridays to be an attractive offer: Fridays' highly predictable stream of franchise and licensing revenue is very attractive and we believe that Fridays provides a compelling value to our shareholders. Restaurant Business Online even reported that the deal included something special for shareholders: An additional $2 million in Allegro shares will be paid to Fridays’ shareholders if the chain hits certain post-closing performance thresholds, which were not disclosed. Nation's Restaurant News also published a story that included the biggest evolution that was set to come to the restaurant chain: Wheels were in motion to revitalize the restaurant chain. The $380 million deal was set and ready to go. However, that all changed after March 2020. It's true that the $380 million deal to sell TGI Fridays and take the company public was canceled due to the COVID-19 pandemic. On April 6, 2020, Restaurant Dive reported that the deal was off: Yahoo! Finance reported on the timing of the matter, which couldn't have been much worse than it was. Almost two months later, on May 27, 2020, word came down that 386 TGI Fridays locations would close for good. As of February 2021, it was not known if a new or similar future deal would be reached again between TGI Fridays and a buyer. (en)
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