The G5ive Restaurant Group’s plan includes innovative strategies and generating employment across various management levels. Credit: Brett Hondow/ Shutterstock.

G5ive Restaurant Group, led by Louisiana-based Black entrepreneur Cory Griffin, has announced its intention to acquire the US-based restaurant chain TGI Fridays via an ownership consortium. 

The move will mark a step in increasing African-American ownership within the national restaurant industry. 

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Griffin’s plan is focused on empowering African-American leaders within the economy, following in the footsteps of Nicholas Johnson, who became the first African-American to own a national burger franchise when he acquired Fuddruckers in 2021. 

With the takeover of TGI Fridays, which is navigating financial hurdles including a Chapter 11 bankruptcy filing in October 2024, Griffin’s aims to revive the brand. 

The plan includes revitalising TGI Fridays with “innovative” strategies and improvements in operations, generating employment across various management levels, engaging with communities through dedicated programmes and adopting sustainable practices to ensure long-term success. 

G5ive Restaurant Group Cory Griffin stated: “The creation of G5ive Restaurant Group is more than just a business venture; it’s a statement.  

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“By pursuing the acquisition of TGI Fridays, we are actively working to increase Black ownership in major restaurant franchises, building upon the success of Nicholas Johnson and demonstrating the immense potential within the African-American business community.” 

In January 2025, TGI Fridays secured court approval to sell nine of its corporate-owned restaurants for $34.5m.   

The approval by US bankruptcy judge Stacey Jernigan in Dallas, Texas was aimed at enabling the American brand to repay its creditors. 

Established in 1965 in Manhattan as a cocktail bar and restaurant, TGI Fridays has since grown and evolved into a destination serving signature dishes such as ribs and loaded potato skins. At its 2008 peak, it had 600 restaurants in the US.