Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Five Chesterfield Area TGI Fridays Declare Bankruptcy

A company that owes five TGI Friday’s restaurants announced this week that they will file for Chapter 11 liquidation bankruptcy in order to deal with continuing problems with debt and creditors.

Tricorp management company, a Missouri company based in Chesterfield, filed for bankruptcy under the name BiState Bistro, LLC, in an attempt to keep the company’s money troubles from the public. At the same time, company president Steve Bell lead a meeting of TGI Friday’s employees where he explained the bankruptcy and what it would mean for those who worked for the organization.

Those on the inside told the St. Louis Globe-Democrat that the chain of five restaurants had been struggling since the beginning of the recession, when the franchise was told to remold their restaurants – a move they believed would increase revenue by 15 percent. However, consumers stopped eating out when the recession hit, landing a huge blow on TGI Friday’s bottom line.