The Dallas-based restaurant chain had filed for bankruptcy protection in November.
DALLAS — Dallas-based TGI Friday’s has reached a deal to sell its locations at DFW Airport and a few other corporate-owned locations in Maryland to restaurant operator Mera Corp. for $34.5 million, according to reports from Bloomberg and other media outlets.
Mera’s offer beat an earlier offer by TGI Friday’s former CEO Ray Blanchette, whose Sugarloaf Hospitality sought to acquire the restaurants, Bloomberg reported. Mera had placed a joint offer for the restaurants with fellow franchisee Anil Yadav, according to court documents.
Mera operates several restaurant brands, including TGI Friday’s and Panda Express, in non-traditional locations such as airports or cruise ports, according to the company’s website.
TGI Friday’s filed for bankruptcy in November after closing nearly 40 locations, including one in North Texas, early last year. There are five TGI Friday’s locations at DFW Airport, according to the company’s website.
At the time, TGI Friday’s Executive Chairman Rohit Manocha in a statement blamed the chain’s woes on “financial challenges resulted from COVID-19 and our capital structure.”
The news of the sale comes after TGI Friday’s at DFW Airport was recently named the top-ranked airport bar in the country, according to a ranking by BetUS.
TGI Friday’s has more than 400 locations around the world, according to the company’s website.
WFAA has reached out to TGI Friday’s and lawyers involved in the case. We’ll update this story as more information becomes available.