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TGI Friday’s files for bankruptcy on November 2 amid consumer cost concerns and competition | Company Business News

Livemint

Livemint · 9m ago

TGI Friday’s files for bankruptcy on November 2 amid consumer cost concerns and competition | Company Business News

TGI Friday's has filed for Chapter 11 bankruptcy in Texas as it faces challenges from changing consumer habits and increased competition from fast food options. The casual dining restaurant chain is struggling amidst a cost-of-living crisis. TGIF joins a growing list of restaurant chains seeking bankruptcy protection, including Red Lobster Management, Bucca di Beppo, Rubio's Coastal Grill, and Tijuana Flats. The filing lists assets between $100-550 million and liabilities worth $100-500 million. TGIF has not yet responded to queries about the situation.

Related News

FTX files amended reorganization plan, expects $14.5 billion-$16.3 billion for distribution

Economic Times

Economic Times · 1y ago

FTX files amended reorganization plan, expects $14.5 billion-$16.3 billion for distribution

FTX, a crypto exchange, plans to pay its creditors and customers between $14.5 billion and $16.3 billion, according to an amended reorganization plan filed in a US bankruptcy court. The amount includes assets from various sources, such as investments owned by Alameda Research and litigation claims. The plan also proposes a convenience class for creditors with claims of $50,000 or lower, ensuring they receive approximately 118% of their claims within two months. FTX made headlines in November 2022 when it filed for bankruptcy, leaving millions of customers and investors with significant losses.

WeWork considers new bankruptcy loan due to slow progress on rent negotiations

Livemint

Livemint · 1y ago

WeWork considers new bankruptcy loan due to slow progress on rent negotiations

WeWork is considering obtaining a new bankruptcy loan as negotiations with landlords over rent reductions have been progressing slower than anticipated. Landlords expressed their frustration with the company's "hardball tactics" and emphasized that bankruptcy law requires rent payments for properties still in use. WeWork attorney Steven Serajeddini acknowledged the initial failure of negotiations but highlighted the recent success after withholding $33 million in January rent. If the company rejects leases, it must also vacate the properties, according to landlord attorney Ivan Gold. WeWork filed for bankruptcy in November due to significant losses amid the pandemic.

Startup news and updates: Daily roundup (July 14, 2025)

YourStory

YourStory · 26d ago

Startup news and updates: Daily roundup (July 14, 2025)

YourStory's July 14, 2025, roundup highlights key updates from the Indian startup ecosystem. Ola Electric faces financial losses amid falling revenues as competition grows. SpaceX plans a $2 billion investment in Elon Musk's AI venture, xAI. SoftwareOne India and Microsoft introduce SaMBIT to aid SMB digital adoption, while MediBuddy expands regionally with a new office in Indore. Additionally, Sennheiser collaborates with Unicommerce's Convertway to enhance online sales and cart recovery.

Terraform Labs files for bankruptcy protection in US

Economic Times

Economic Times · 1y ago

Terraform Labs files for bankruptcy protection in US

Terraform Labs, the firm behind the troubled stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in the U.S., citing assets and liabilities in the range of $100-$500 million. The move comes amid a postponed SEC trial over an alleged $40 billion cryptocurrency fraud involving TerraUSD's collapse in 2022. Terraform Labs and co-founder Do Kwon face responsibility for the turmoil in crypto markets caused by the collapse of TerraUSD and its associated token, Luna. Both cryptocurrencies lost an estimated $40 billion when TerraUSD failed to maintain its $1 peg in May 2022.

Thrasio, once king of e-commerce aggregation, files for Ch.11

TechCrunch · 1y ago

Thrasio, once king of e-commerce aggregation, files for Ch.11

Thrasio, the e-commerce aggregation start-up known for acquiring and restructuring smaller brands on marketplaces like Amazon, has filed for Chapter 11 bankruptcy protection. The company has secured $90 million in emergency financing and plans to eliminate around $495 million of existing debt. Thrasio has been experiencing financial difficulties for some time, including layoffs and exiting certain markets. The bankruptcy filing highlights the challenges faced by late-stage tech companies seeking funding during a downturn in the funding market. Thrasio's model of consolidating small e-commerce businesses faced difficulties due to changing consumer tastes and tightening economies. While Thrasio's collapse is significant, other roll-up companies that have raised substantial funds are likely to face similar challenges.

Surge In Unsecured Loans By Fintechs Led To RBI’s Tightening Of Lending Norms: Bernstein

Inc42 · 1y ago

Surge In Unsecured Loans By Fintechs Led To RBI’s Tightening Of Lending Norms: Bernstein

According to a report by brokerage Bernstein, there has been a significant increase in unsecured lending by Indian banks and fintechs, leading to tighter lending norms by the Reserve Bank of India (RBI) in November last year. The report highlights the rapid growth of fintechs in the country, which has further driven the increase in unsecured lending. The RBI increased the risk weight for consumer credit exposure of banks and non-banking financial companies, aiming to increase the cost of unsecured loans. The growth in consumer loans has outpaced household credits, raising concerns among regulators. Despite regulatory measures, digital lending remains attractive for India's fintech sector.

Singapore regulator raises concern on Grab plan to buy Trans-cab

Economic Times

Economic Times · 1y ago

Singapore regulator raises concern on Grab plan to buy Trans-cab

The Competition and Consumer Commission of Singapore (CCCS) has raised concerns about ride-hailing company Grab's plan to acquire Trans-cab, Singapore's third-largest taxi operator. CCCS stated that feedback suggests concerns over Grab's ownership of Trans-cab and its impact on rival ride-hail platforms. The commission will review the competition effects of the acquisition in more detail.

Pine Labs introduces new PoS device for QR, card-based payments

Economic Times

Economic Times · 1y ago

Pine Labs introduces new PoS device for QR, card-based payments

Pine Labs introduced Mini, an affordable point-of-sale (PoS) device that accepts both QR-based and card-based payments. Designed for small merchants, it competes with devices concentrating on one payment mode. Amid growing PoS market competition, Pine Labs aims to provide an accessible, cost-effective checkout experience. The Mini device is priced at around one-third of a regular PoS terminal's cost.

Inside FTX’s All-Night Race to Stop a $1 Billion Crypto Heist

Wired · 1y ago

Inside FTX’s All-Night Race to Stop a $1 Billion Crypto Heist

In November of the previous year, FTX, a prominent cryptocurrency exchange, declared bankruptcy amid financial troubles. During this turbulent time, the company experienced a significant cryptocurrency theft, losing between $415 million and $432 million worth of digital assets. WIRED has reported that FTX may have narrowly avoided losing even more money, as employees and consultants raced to move over $1 billion worth of cryptocurrency to safer storage to prevent further theft. The identity of the thieves remains unknown, and FTX's leadership has not been charged in connection with the theft.

ADIF files complaint with CCI over Google's online advertising dominance

YourStory

YourStory · 1y ago

ADIF files complaint with CCI over Google's online advertising dominance

Alliance of Digital India Foundation (ADIF) has lodged a complaint with the Competition Commission of India (CCI) against Google for alleged anti-competitive practices in online advertising. ADIF claims that Google's ad policies impose unfair conditions on advertisers, restrict call assets, and prohibit third-party technical support. The complaint also raises concerns about the lack of transparency in Google's ad ranking system. ADIF argues that Google's dominant position in the online advertising market stifles competition in India and hampers the growth of the startup ecosystem. ADIF anticipates that the CCI will take measures to address these issues.

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