The informal American restaurant chain TGI Fridays Inc., which has been serving customers for more than 50 years with happy-hour deals, hamburgers, and comfort-food entrees like cheese sticks and loaded corn skins, filed for bankruptcy safety on Saturday, but the company said its restaurants would be empty while it is working on a “restructuring process.” The Dallas-based company filed for Chapter 11 bankruptcy in the Northern District of Texas to start a “restructuring approach” to ensure the “long-term validity of the brand”, according to a business statement. The move comes as the business struggles with economic issues brought, in part, by the Covid-19 crisis, Rohit Manocha, the senior president of TGI Fridays Inc., said in the speech. The company’s 39 restaurants in the United States may be available throughout. The firm said the bankruptcy filing does not include the locations that 56 independent owners own. The company estimated both its assets and its liabilities are between$ 100 million and$ 500 million, according to court filings. TGI Fridays, which stands for Bless God It’s Friday, opened in 1965 in Manhattan. It gained popularity for making an atmosphere of romance at its happy periods, which catered to singles, and for its large servings. The company changed its selection in 2007 and started charging lower prices for smaller portions, which the company found to be very popular. The epidemic, though, proved to be a problem for restaurant chains like TGI Sundays that have massive real estate footsteps. The network has more than 461 franchises in 41 countries. Since the crisis, users ‘ desires have shifted to faster, cheaper food. TGI Fridays Inc. was seeking funding in October to get ready for a prospective bankruptcy filing. TGI Fridays, which dropped the comma in its brand in 2013, is personally owned by TriArtisan Capital Advisors, a New York-based private equity firm. TriArtisan did never respond to an email asking for more opinion on Saturday. The cafe chain served as a cultural icon of American casual lunch for a long time. Famous for its brightly colored drinks, TGI Fridays reported that Tom Cruise had been trained by its bars to create coffee for the 1988 movie” Cocktail.” Additionally, it gives credit for having made the Long Island Iced Tea more well-known. Saturdays, as the ring is sometimes called, is not the only everyday sit-down restaurant network that has struggled lately. Buca di Beppo, an Italian everyday dinner network with more than 80 locations, numerous in California, filed for Chapter 11 bankruptcy in August. According to The Associated Press, Red Lobster filed for bankruptcy in May and renounced Chapter 11 bankruptcy shelter in September.