Iconic American restaurant chain TGI Fridays has filed for Chapter 11 bankruptcy, the company announced Saturday.

TGI Fridays boasts over 160 locations in the US placepointed to the COVID-19 pandemic as a “key driver of financial challenges.” of statement It went on to explain that Chapter 11 filings will help restaurants “explore strategic alternatives to ensure the long-term viability of their brands.”

“The next steps announced today are difficult but necessary actions to protect the best interests of our stakeholders, including our domestic and international franchisees and our valued team members around the world,” said TGI Fridays Executive Director. Chief Rohit Manocha said.

American casual dining chain TGI Fridays files for bankruptcyhttps://t.co/JtXGz0qbfz

— CNN (@CNN) November 2, 2024

Only 39 stores operated by TGI Fridays’ parent company will be affected by the chain’s bankruptcy filing, the company said in a statement.

TGI Friday’s has 56 franchised locations in 41 countries and will continue to “operate as usual and serve customers” during the Chapter 11 process because it is independently owned, according to a statement.

“In addition to supporting franchised restaurants, TGI Fridays maintains operations for an entire fleet of corporate-owned restaurants in the United States.As we proceed through Chapter 11, we have secured debtor financing commitments to support operations. ” TGI Fridays said. says the statement. (Related: Iconic fast food chain to close 140 stores)

“We have also filed a petition in bankruptcy court that, if approved, would, among other things, allow the company to continue with its customer programs as usual.” It is expected that the case will be heard and approved in the first few days of 2020,” the statement continued.

TGI Friday’s was founded in 1965 and currently operates 461 restaurants around the world, according to a statement.