TGI Friday's files for bankruptcy

Following in Red Lobster's clawsteps, TGI Friday's is cooked. The casual dining chain filed Saturday for bankruptcy protection after 'abruptly' closing about a third of its locations. About half have closed in total this year.

[John] Bringardner told CNN that the chain's dwindling location count, changing consumer preferences and lower-cost competition from fast food has left the company 'unable to service its debt' and that a filing could come in November before the next round of lease payments for its remaining restaurants.

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