(Bloomberg) — TGI Friday’s Inc. is seeking financing as the casual-dining chain prepares to file for bankruptcy protection in coming weeks, according to people with knowledge of its plans, after struggling to turn around a business pressured by customers’ tighter budgets and preference for faster food.
Most Read from Bloomberg
The company is huddling with lenders in search of a loan that would help it continue running restaurants through the Chapter 11 process and emerge as an operating company, said the people, who asked not to be named discussing confidential information.
TGI Friday’s is working with lawyers from Ropes & Gray LLP on its bankruptcy preparations, which aren’t final and may still potentially change, the people said. Representatives for the company and for Ropes & Gray didn’t respond to requests for comment. Debtwire earlier reported on the potential for bankruptcy.
The chain’s obligations include…
