TGI Fridays pulls out of Korea as nation moves on from casual dining

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TGI Fridays pulls out of Korea as nation moves on from casual dining

Diners eat their food at a TGI Fridays store in Songpa District, southern Seoul, on Feb. 5. [YONHAP]

Diners eat their food at a TGI Fridays store in Songpa District, southern Seoul, on Feb. 5. [YONHAP]

 
TGI Fridays is exiting Korea, with all shops set to close by March.
 
MFG Korea, the American restaurant chain’s domestic franchisor and operator, will close all branches after their respective leases expire. The firm said Tuesday that it had made the decision to instead focus on growing Mad for Garlic, its Italian restaurant chain.
 

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There are currently 14 TGI Fridays locations operating in the country, at Lotte department stores and Lotte outlets. Ten will close before the end of February, and the remaining four will shut down in March.
 
TGI Fridays helped to spearhead the wave of Western-style family restaurants that first entered Korea in the late 1980s, a trend that peaked in the early and mid-2000s. The franchise opened its first store in Seocho District, southern Seoul, in 1992, expanding to ultimately operate 60 branches at its highest point.
 
But the popularity of such restaurants dropped as consumer preferences and demographics changed. Casual dining establishments like TGI Fridays, Outback Steakhouse, VIPS and Bennigan’s lost customers; of around 20 large family restaurant chains that once operated in Korea, all but VIPS, Ashley, Outback Steakhouse and Mad for Garlic have now closed down or exited Korea.
 
TGI Fridays’ U.S. headquarters filed for bankruptcy protection in November of last year. The company said in a statement that its financial challenges had primarily stemmed from the fallout from the Covid-19 pandemic, and that it would use the sources made available through the restructuring process to “ensure the long-term viability of the brand.” All U.S. locations were to remain open.

BY KIM JU-YEON [[email protected]]
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