Popular Illinois Bar And Restaurant Chain Selling All Its Locations

The restaurant industry is not an easy one to survive.  50% of restaurants fail within the first 3 years.  The majority of these are locally run restaurants, not massive chains with hundreds of locations worldwide.  But one that has been around for nearly 60 years is about to go through some major changes.

If you are somebody in Illinois who has always wanted to own a restaurant and bar is this the right opportunity for you?

More Illinois 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.

You can check nine other Illinois restaurants that could be closing soon here.

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."

However, now that won't happen, and will actually the group now has completely opposite plans.  Now they plan to sell their owned-and-operated restaurants to franchise operators. TGI Fridays currently has 92 corporate-owned locations while Hostmore has 87.

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.

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You, the Illinois diner, 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 millionaires are not interested in owning more of the restaurants, maybe you shouldn't be either.