TGI Fridays is an American restaurant chain known for its casual dining atmosphere. One of TGI Fridays operator, named Allegro Merger Corp., has reportedly filed for Chapter 11 bankruptcy amid financial difficulties. This type of bankruptcy allows a company to reorganize its debts and try to become profitable again, they are not going out of business. Financial woes could have been caused by a variety of factors such as decreased revenue due to COVID-19 pandemic and inability to pay off debts. The filing for bankruptcy will provide an opportunity for the operator to regain financial stability by restructuring their business model and managing their debts.
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