TGI Fridays Signs First New U.S. Franchise Deal in Over a Decade, Targeting New York Growth

TGI Fridays signed a development agreement on September 29 with Bliss Bites LLC, a franchise group led by veteran hospitality operator Vinod Chand, to open five new restaurants across New York State over the next three years. It's the chain's first domestic franchise development deal in more than ten years, according to a company release distributed by PR Newswire and reported by Restaurant Dive. Chand also acquired TGI Fridays' existing restaurant in Central Islip, New York, as part of the deal. Once the new units are built, his group will run six locations in the state.

The brand goes back further than most of its competitors. TGI Fridays opened its first restaurant on Manhattan's Upper East Side in 1965 and grew into one of the country's defining casual-dining chains, reaching 329 U.S. locations as of 2020. The pandemic hit indoor dining hard, and the chain never fully recovered; inflation squeezed the middle-income diners who made up much of its base. Its corporate parent filed for Chapter 11 bankruptcy protection in November 2024 with roughly 163 U.S. restaurants left, after closing 50 locations the week before the filing alone. Ray Blanchette, a former TGI Fridays CEO already buying company-operated restaurants out of the estate through his firm Sugarloaf Hospitality, bought the brand itself in 2025 and returned as chief executive, according to Nation's Restaurant News. The U.S. Bankruptcy Court for the Northern District of Texas confirmed a consensual liquidation plan in July that wound down the original corporate entity, while the brand kept operating under Blanchette's ownership. Today TGI Fridays counts about 71 U.S. locations, down from 329 in 2020, and nearly 400 restaurants across more than 40 countries, Restaurant Dive reported.

The Central Islip sale leaves just two TGI Fridays open on Long Island: the Central Islip Town Center location Chand is taking over, and one at Green Acres Mall in Valley Stream, Greater Long Island reported on September 30. The chain closed its Farmingville and Riverhead restaurants last year. The Farmingville building is being converted into a Teachers Federal Credit Union branch now. A company representative told the outlet that Long Island remains a "high priority" for the five new restaurants, though specific sites haven't been announced yet.

Five new builds plus the one acquisition adds up to six restaurants in New York, developed over three years. That's a modest number next to the goal TGI Fridays laid out in January under its "1-2-3 Strategic Vision": more than 1,000 restaurants and $2 billion in annual revenue by 2030, backed by more than 150 development agreements signed globally since the plan launched, according to FSR Magazine. The brand has also been testing value pricing to win back traffic, including an $11.99 "3 For All" meal deal aimed at diners who've been pulling back on restaurant spending.

COO Ashley Kirkley framed the New York deal as proof the turnaround plan is winning over franchisees: "Growth only matters when it's built with the right partners, and this five-restaurant development agreement is exactly what we envisioned for our '1-2-3 Strategic Vision.'" Chand, who brings 35 years of hospitality experience, called TGI Fridays "an iconic, one-of-a-kind brand backed by an incredible team that celebrates its guests and takes real pride in Americana hospitality."

Worth watching: Here's a brand that spent two years shedding leases, now signing them again. That's a reminder that a credible post-bankruptcy turnaround can turn a dark casual-dining box back into a leasing prospect instead of a permanent vacancy. The deal also fits the asset-light pattern most recovering casual-dining chains lean on now: growth through an experienced local franchisee rather than company-owned capital. Six committed restaurants is a small down payment against a 1,000-unit goal, so the real signal will be whether more regional development deals follow in 2026 and 2027, or whether New York ends up an isolated test case. Casual dining square footage is still net-negative across much of the country. Any operator willing to commit real capital to new leases, not just hold on to existing boxes, is worth tracking for owners deciding whether to bet on a legacy brand's recovery or move on to newer fast-casual concepts.