TGI Friday's Inc., an iconic American casual dining restaurant chain founded in 1965, filed for Chapter 11 protection on November 2, 2024 in the Northern District of Texas (Case No. 24-80201) after nearly six decades of operations. The company entered bankruptcy with 161-164 U.S. locations (down from a peak of 601 in 2008), carrying approximately $47.4 million in funded debt and ~$49.7 million in gift card liabilities. The immediate trigger was the September 3, 2024 termination of TGI Friday's Inc. as franchise manager of TGIF Funding LLC, severing the critical franchise royalty revenue stream. This was followed by the UK franchisee Hostmore's administration and collapse of a planned $220 million reverse takeover. TGI Friday's obtained $25.3 million in DIP financing from Texas Partners Bank with aggressive milestones (8 days to stalking horse, 62 days to sale order). The company pursued a 363 sale process, with substantially all assets sold to Mera Global LLC, closing February 18, 2025. The case remains in wind-down phase as of December 2025 with no Chapter 11 plan confirmed; exclusivity has been extended multiple times through February 2026. Franchisees have absorbed the ~$49.7 million gift card liability to consumers, highlighting the impact on the broader TGI Friday's brand ecosystem post-sale.