Casual restaurant chain TGI Fridays has announced the sale of eight of its corporate-owned restaurants in the northeastern US to its former CEO, Ray Blanchette.

Financial details of the deal have not been disclosed by the company.

TGI Fridays US president and chief operating officer Ray Risley stated: “Our top priority has always been delivering a superior experience for each and every TGI Fridays' guest, and we've identified opportunities to optimise and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise.

“By strengthening our franchise model and closing underperforming stores, we are creating an unprecedented opportunity for Fridays to drive forward its vision for the future.”

The divestiture comes alongside the chain's announcement of the closure of 36 underperforming locations across US markets.

The closures are part of a broader strategy to optimise the brand's performance.

More than 1,000 transfer options will be made available to impacted employees, representing 80% of the workforce at the affected restaurants.

TGI Fridays CEO Weldon Spangler stated: “As we continue along our path of transformation to revitalise the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering 'that Friday feeling' that our fans know and love.”

In November 2023, TGI Fridays launched its new cocktail menu for the holiday season.

Known as Claus for Celebration, the menu included 14 new cocktails and mocktails prepared using fresh-squeezed juices and syrups made in-house.