Fridays Now Nearly 80% Franchised Following Transaction
In the latest TGI Fridays franchise deal to be completed, JIB Management, Inc. has purchased 48 Fridays restaurants across the Midwest – primarily located in the Chicago, Detroit, Minneapolis and Indianapolis markets. These are in addition to the 16 Orlando-area Fridays restaurants JIB purchased earlier this year.
As part of this new agreement, JIB will be remodeling restaurants in the Midwest to the contemporized Fridays look. Additionally, JIB will expand Fridays presence in the region with a commitment to build 16 new restaurants in these important markets.
“Fridays is a strong global brand and we’re excited to expand our partnership,” said JIB President & CEO Anil Yadav. “We look forward to building Fridays presence in the Midwest by remodeling the existing restaurants and adding new stores to the region in the coming years.”
With this transaction, Fridays continues to make great progress toward its goal of being a focused world-class franchisor, partnering with franchisees who have a passion for delivering a great guest experience by investing in their people and growing their business. Fridays now expects to refranchise the majority of its corporate-owned U.S. restaurants significantly sooner than expected.
“We have a strong network of franchisees who are committed to driving the Fridays business forward by reimaging their existing restaurants, opening new locations and above all else, focusing on their people,” said TGI Fridays USA President & Chief Operating Officer Ricky Richardson. “Our refranchising strategy has allowed us to add great franchise partners like JIB to our existing strong franchise base. JIB has years of experience successfully operating restaurant brands, and it’s great to have partners who share our passion for people and the pursuit of excellence.”