It's the same story over and over again in USA these days. Private Equity companies buying great businesses making profits and turning it into the ground.
@@homewall744 Yes, because they wanna squeeze out whatever value was last of the company. And of course, borrow home a bunch of money and leave it more in debt.
These historic restaurants are going bankrupt along with middle-class America. Middle-class can't afford eating out anymore. You can give me some technical reasons, but the 2008 was the start of it.
I ate at tgi Fridays once when I was a teenager, and I didn’t find it difficult to never return. I’m not surprised about the bankruptcy but it sucks for the remaining franchise owners.
It used to be THE place to go, had my 21st birthday at TGIFs, kept going into the 2000s, then a lot of competition arrived, quality and service ( but not prices ) dropped noticeably and then I stopped altogether.
I had no idea they were going into bankruptcy . I drove around the corner last month and then instead of seeing lights from the Friday's shining at night I saw darkness and plywood covering all the windows and an empty parkin lot. WOW. All of the sudden. I remember I had stopped seeing families going there to seeing only bikers. That was a clear sign of the end.
@@chiquita683 you're nuts if you think a random internet trend destroyed a business. It's due to a mix of macroeconomics and horrible high level company mismanagement, get your head out of the gutter.
😮 Once a Good O'l Private Ltd Company went Public , it has to cater to shareholders' greed for more dividend payments for their shares & eventually their original concept & offerings will be affected by cost cuttings to improve their profit margins for the greedy shareholders again! ... 🙏🕯🌎
Their whiskey glaze sauce is super good with their ribs, but everything else is trash. Fried shrimps and fries were mid. I also like that they sold solid strawberry lemonade.
The only places where I see TGIF succeed are in airports. They seem more common there. I ate there recently and the food was very average and overpriced ($12 for a hamburger).
Yeah, same here, but they sure went down after popularity of Office Space faded.
12 часов назад
yes i remember the one in covent garden, london. it was like the founder said it was full of air hostesses and models. then went into the families, kids' bithday parties and went downhill.
McDonald's in the US is so much lower quality in comparison to what some other countries have at their McDonalds. US food standards are abysmal in a lot of areas and local owners penny pinch and treat their workers like dirt for profits.
did you ever go covent garden, london one it was great from 2001-2008 you could drink, pull, eat, drink, dance, pull, drink then leave with what you found at 1am. greeeeeeat days.
Horrible isn’t it regardless of the GOP Rush Limbo ites propaganda . This is related . The free market system is so peachy .It works . Well it doesn’t to the benefit of the many. Never forget Limbaugh equating Robin Williams suicide to the disillusionment of Liberals . “ They never seem to be happy and they buy into the false promises of the American Dream which let’s be honest aren’t for everybody. You see it everyday “ I wrote there was Rush going way off script . Guy responded to me “ Yes they let it slip out every now and then ! “
I’m sure it was nothing compared to the fine microbreweries you frequent after a night at your local tapas bar. Probably have a little goofy beard and clever looking glasses.
As with everything . I am starting to believe conspiracy theories about everything getting purposefully trashed . Food was great in the 80s even into the 90s . I remember at Checker’s that cholesterol laden Western Bacon Double Burger. Whoppers at Burger King . The BK Broiler . Century 21 hit and everything trashed but it has happened before . The late great Writer Gore Vidal said that those of us born after WWII don’t know that ham like you get on a deli ham sandwich was once a rich piece of meat like a filet mignon not that inedible plastic you get now ( circa late 20th Century )
I have told my story . Fettuccine Alfredo with salad and that light mustard dressing. Bread and butter . Mocha Mud pie for desert. It was the bomb. Too bad later generations didn’t get to experience it . Loved TGIF back then . Ambience, flamboyant dressed Servers and delicious food. Too bad how it declined but it is like the story of Sears ,JC Pennys etc
- Is that fair to say that you got into the business because you wanted to meet women? - In this country, you gotta make the money first. Then when you get the money, you get the power. Then when you get the power, then you get the women.
I was just about to comment that the food was just okay here where I live, but the service was the worst that I've ever had and all of their yelp reviews said the same thing. It almost felt like the management trained their staff to be unpleasant and terrible 🤨
Fare well. All these chains have been going downhill for years. The last time I ate at Fridays was over a decade ago, and I got sick. There are too many local, fresh, and authetic options today to entertain these places.
I love the grounded reality of this channel!!! *If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you..prevent inflation.*
I feel sympathy and empathy for our country, low income earners are suffering to survive, and I appreciate Wayne. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading.
Honestly, our government has no idea how people are suffering these days. I feel sorry for disabled people who don't get the help they deserve. All thanks to Mr Michael Wayne, imagine investing $1000 and receiving $5700 in a few days..
The sushi story obviously feels like financiers trying to double dip and justify their own investment interests, directly injecting the poison into their troubles
They've been closing down locations for years. Then they changed their mission statement and fell on their face. The quality suffered, as did the service. People stopped showing up.
I'm from the UK and it the Franchise always seemed like a 90's relic to me. It was expensive for what effectively was burger and fries. It was the type of venue my parents thought was cool back in the day
Over charged for 2 glasses of wine -- I understand for a rizzy place but TGIF? Meal was standard for a diner. Never understood its appeal. The 1980s wass the creation of those kind "edgy" restaurants so like the others it ran its course -- raise, peak, then bankruptcy.
TGIF was great in the 80s . Good in 90s . Century 21 ? In America it was hard to find a good hamburger everywhere. Like that sly Stallone movie soon we will be eating rat burgers thinking it’s great and z President Trump will be too.
The endless apps and 5 dollar flavored long islands were amazing! I feel like if it weren’t for the private equity company, if they kept the deal nowadays they would’ve survived.
tgi´s in the uk was great in the 90´s. we weren´t price sensitive. it was a singles/couples bar at night and families weekend day time. so it needed to keep fresh but not to change too much
Its a restaurant that has food that tastes like something out of a freezer burned box in the back of a stoners fridge. Is there really any surprise they're going under?
Like Las Vegas the Bahamas and many other businesses. You alienate your core clientele to go after the family dollar and stroller crowd usually means the end.
The last time I went to a Friday's was well over a year ago and I haven't been back since. The service was horrible, the food was cold, and the restaurant just looked really dirty and I went not too long after it had opened for the lunch rush. Going to Friday's 10 or 15 years ago was great but the experience now is horrible; no surprise that it's in a nosedive!
No company can survive declining revenues like that. You can have the best capital structure possible and you are still going out of business eventually.
You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K in a meme coin from just a few months ago and now they are multimillionaires.
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
Poor service, poor quality food, inflated prices, and no innovation to attract new/younger diners = bankruptcy. But they decided to invest in a sushi menu 🤦🏾♀️😂😂😂
Private Equity sucked the soul out of the business and people weren’t interested in going to zombie store who was a shell of itself. Jersey Mike is about to go through the same thing now that they are owned by Blackstone.
I live in the Philippines we had some TGI Fridays first time I ate I felt it was OK but not something I would go back to. When a Chili's opened I tasted there was difference between the two been more of a Chili's fan since.
The reason why restaurant service might have taken a dip is more than likely due to the horrible economy which we are living in at the moment. Especially if these folks are making $10-$14/h. About the amount a high school graduate is probably making
"Making Americans Poor" - is ur answer for why restaurants, ie small businesses, retail shops, hair salons, etc. are going BROKE!!!! Also, the quality of food has gone downhill and the prices have increased. Servers also need to be trained.
LOL but not really; any time I hear Private Equity is involved you know the ending is bad!!
12 часов назад
it should have stayed as a bar grille meeting place. not a restaurant with Mcdonald's quality but thrice the price..! if it was a place where people went at 7pm on a Friday and were still there at 12am that's what it needed to be..meeting, bar, restaurant, bar - dancing, etc, etc.
The ruse that turned a culinary punchline into one of London’s hottest restaurants: on.wsj.com/3Z03TIU
It's the same story over and over again in USA these days. Private Equity companies buying great businesses making profits and turning it into the ground.
This. As soon as private equity enters a business, it's over.
“Insanity is doing the same thing over and over again and expecting different results.”
They didn't buy it until it was already crashing.
@@homewall744
Yes, because they wanna squeeze out whatever value was last of the company.
And of course, borrow home a bunch of money and leave it more in debt.
No, it may seem like that because these institutional investors only restructure businesses that are already failing. Survivor bias
Getting purchased by a private equity company is the quickest way to go bankrupt, guaranteed.
U would say that, coming from a guy that is broke is you buddy 😢
No, insitutional investors restructure companies that are already failing.
Pre-made and prepackaged microwave food being passed off as "good" food is what i think killed this place. Low quality food. 🤮
Exactly, said same above. Yes, they raised prices and gave you more HEAT-UP MEALS that you know they weren't cooking in-house. Not worth it anymore.
Yah, at least applebees is cheaper and has deals that makes it somewhat appealable
What? You dont want microwaved food at a ridiculous price plus tip?
@class.C no thanks. 👎
This is so fucked 😮 now I’ll know what’s happening with subject business
"Private Equity ruins everything it touches" should be the title of the video here, lets be honest.
These historic restaurants are going bankrupt along with middle-class America. Middle-class can't afford eating out anymore. You can give me some technical reasons, but the 2008 was the start of it.
Very good point, true.
I ate at tgi Fridays once when I was a teenager, and I didn’t find it difficult to never return. I’m not surprised about the bankruptcy but it sucks for the remaining franchise owners.
It used to be THE place to go, had my 21st birthday at TGIFs, kept going into the 2000s, then a lot of competition arrived, quality and service ( but not prices ) dropped noticeably and then I stopped altogether.
Yes, they raised prices and gave you more HEAT-UP MEALS that you know they weren't cooking in-house. Not worth it anymore.
I had no idea they were going into bankruptcy . I drove around the corner last month and then instead of seeing lights from the Friday's shining at night I saw darkness and plywood covering all the windows and an empty parkin lot. WOW. All of the sudden. I remember I had stopped seeing families going there to seeing only bikers. That was a clear sign of the end.
Private equity firms.
Step's
1. Buy company
2. Sell property to (owned) LLC
3. Charge exorbitant rent
4. Stiff venders
5. File bankruptcy
6. Pay vendors penny's on the dollar
7. Sell property's
8. Swimming in the cash
Correct Gotta be a leveraged buy out in their somewhere
not enough flair 😢
MeToo movement destroyed the restaurant. Cant approach women anymore without lawsuit
@@chiquita683 you're nuts if you think a random internet trend destroyed a business. It's due to a mix of macroeconomics and horrible high level company mismanagement, get your head out of the gutter.
TLDW - private equity groups don’t know anything about running a business
Last time I went, it was $70 for 2 people. Food was simple and blah, not $70 worth. Never went again
Private equity....every time it ruins the company.
I never knew TGI Fridays was originally a singles bar…
Ask your mom.
@@MIAMIC70 ahahaaaaa
Me neither, here in the UK it's just a rubbish restaurant only kids like.
Private Equity - The Kiss of Death
😮 Once a Good O'l Private Ltd Company went Public , it has to cater to shareholders' greed for more dividend payments for their shares & eventually their original concept & offerings will be affected by cost cuttings to improve their profit margins for the greedy shareholders again! ... 🙏🕯🌎
Their whiskey glaze sauce is super good with their ribs, but everything else is trash. Fried shrimps and fries were mid. I also like that they sold solid strawberry lemonade.
The only places where I see TGIF succeed are in airports. They seem more common there. I ate there recently and the food was very average and overpriced ($12 for a hamburger).
Food at airports is always expensive. The franchise operators have to pay higher than usual rent to lease airport space.
PGI Fuglys is still doing great tho
I work at one in the kitchen over the summer in 1995. Food was always fresh and cooked to order. Haven’t been back since.
Man I used to love TGI Fridays in the early 2000s. That was the go to spot in my early 20s during college.
Yeah, same here, but they sure went down after popularity of Office Space faded.
yes i remember the one in covent garden, london. it was like the founder said it was full of air hostesses and models. then went into the families, kids' bithday parties and went downhill.
It's still huge in the UAE
McDonald's in the US is so much lower quality in comparison to what some other countries have at their McDonalds. US food standards are abysmal in a lot of areas and local owners penny pinch and treat their workers like dirt for profits.
It’s big in Jamaica as well.
It's really good in Brazil also
Same in Cyprus
Have you started work on the Jersey Mike's bankruptcy video yet?
As good as they are it isn’t out of the question ! What was that dystopian movie Sly Stallone was in where everybody ate rat burgers ?
Here in the UK TGIFridays were awful. Poor service, poor food. I always avoided them
Stay in the uk dav !
did you ever go covent garden, london one it was great from 2001-2008 you could drink, pull, eat, drink, dance, pull, drink then leave with what you found at 1am. greeeeeeat days.
Private Equity. The same thing that destroyed basically every US brand and store from my childhood. America is gross
Horrible isn’t it regardless of the GOP Rush Limbo ites propaganda . This is related . The free market system is so peachy .It works . Well it doesn’t to the benefit of the many. Never forget Limbaugh equating Robin Williams suicide to the disillusionment of Liberals . “ They never seem to be happy and they buy into the false promises of the American Dream which let’s be honest aren’t for everybody. You see it everyday “ I wrote there was Rush going way off script . Guy responded to me “ Yes they let it slip out every now and then ! “
Frozen looking food and clowns as bartenders. It is impressive how long they lasted
I’m sure it was nothing compared to the fine microbreweries you frequent after a night at your local tapas bar. Probably have a little goofy beard and clever looking glasses.
It’s still THRIVING here in Japan…
Private Equity was the reason it went bankrupt
As with everything . I am starting to believe conspiracy theories about everything getting purposefully trashed . Food was great in the 80s even into the 90s . I remember at Checker’s that cholesterol laden Western Bacon Double Burger. Whoppers at Burger King . The BK Broiler . Century 21 hit and everything trashed but it has happened before . The late great Writer Gore Vidal said that those of us born after WWII don’t know that ham like you get on a deli ham sandwich was once a rich piece of meat like a filet mignon not that inedible plastic you get now ( circa late 20th Century )
Fridays cranked in the early 80's. I worked at one. So much fun. As the years went on the food declined.
I have told my story . Fettuccine Alfredo with salad and that light mustard dressing. Bread and butter . Mocha Mud pie for desert. It was the bomb. Too bad later generations didn’t get to experience it . Loved TGIF back then . Ambience, flamboyant dressed Servers and delicious food. Too bad how it declined but it is like the story of Sears ,JC Pennys etc
@dagnabbit6187 Right?! And the Outrageous Sundae! I still remember the PLU #. 62. Word association 😉 Glad we were there during it's hey day.
Isn’t liquidating assets the goal of private equity?
- Is that fair to say that you got into the business because you wanted to meet women?
- In this country, you gotta make the money first. Then when you get the money, you get the power. Then when you get the power, then you get the women.
Just went to tgif couple days ago. Service was bad. I felt
Like the server was mad at me when I walked in.
I was just about to comment that the food was just okay here where I live, but the service was the worst that I've ever had and all of their yelp reviews said the same thing. It almost felt like the management trained their staff to be unpleasant and terrible 🤨
Fare well. All these chains have been going downhill for years. The last time I ate at Fridays was over a decade ago, and I got sick. There are too many local, fresh, and authetic options today to entertain these places.
The food was nasty. Lol.
U ate every bit of it. Stop your lieing
@@CHEEKSWHITE Hey you don't speak to a woman like that
@@Ahmed-gg4oz stop simping
I love the grounded reality of this channel!!!
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you..prevent inflation.*
I feel sympathy and empathy for our country, low income earners are suffering to survive, and I appreciate Wayne. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading.
Honestly, our government has no idea how people are suffering these days. I feel sorry for disabled people who don't get the help they deserve. All thanks to Mr Michael Wayne, imagine investing $1000 and receiving $5700 in a few days..
High prices, work from home, wealth concentration. Not many restaurants will survive.
The sushi story obviously feels like financiers trying to double dip and justify their own investment interests, directly injecting the poison into their troubles
Let me guess before watching: Private Equity?
was that Bryan Cranston in the commercial in the opening of this video?
Lol nice catch 👍
They've been closing down locations for years. Then they changed their mission statement and fell on their face. The quality suffered, as did the service. People stopped showing up.
I'm from the UK and it the Franchise always seemed like a 90's relic to me. It was expensive for what effectively was burger and fries. It was the type of venue my parents thought was cool back in the day
Over charged for 2 glasses of wine -- I understand for a rizzy place but TGIF?
Meal was standard for a diner. Never understood its appeal. The 1980s wass the creation of those kind "edgy" restaurants so like the others it ran its course -- raise, peak, then bankruptcy.
TGIF was great in the 80s . Good in 90s . Century 21 ? In America it was hard to find a good hamburger everywhere. Like that sly Stallone movie soon we will be eating rat burgers thinking it’s great and z President Trump will be too.
The endless apps and 5 dollar flavored long islands were amazing! I feel like if it weren’t for the private equity company, if they kept the deal nowadays they would’ve survived.
They took away the fun of it. It was the best bar in my town after we got off. Smoke cigars, get hammered, meet people. Not anymore.
tgi´s in the uk was great in the 90´s. we weren´t price sensitive. it was a singles/couples bar at night and families weekend day time. so it needed to keep fresh but not to change too much
As soon as you mentioned Private Equity, it was over.
Its a restaurant that has food that tastes like something out of a freezer burned box in the back of a stoners fridge.
Is there really any surprise they're going under?
😂haha he
Give me a bowl of Pho over TGI fridays any day
Like Las Vegas the Bahamas and many other businesses. You alienate your core clientele to go after the family dollar and stroller crowd usually means the end.
The last time I went to a Friday's was well over a year ago and I haven't been back since. The service was horrible, the food was cold, and the restaurant just looked really dirty and I went not too long after it had opened for the lunch rush. Going to Friday's 10 or 15 years ago was great but the experience now is horrible; no surprise that it's in a nosedive!
No company can survive declining revenues like that. You can have the best capital structure possible and you are still going out of business eventually.
You work for 40yrs to have $1M in your
retirement, meanwhile some people are putting just $10K in a meme coin from just a few months ago and now they are multimillionaires.
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
imagine invsting in Btcoin earlier.... You could have been a multi millionaire precently
You're right but a lot of people remain poor due to ignorance
Not because of ignorance, it's because of the high rate of unprofessionalism in the cypto market
I'm new to cypto trading, feels overwhelming but I won't give up on learning this. Thanks for your clear explanation from the very beginning!
Poor service, poor quality food, inflated prices, and no innovation to attract new/younger diners = bankruptcy. But they decided to invest in a sushi menu 🤦🏾♀️😂😂😂
Private Equity sucked the soul out of the business and people weren’t interested in going to zombie store who was a shell of itself. Jersey Mike is about to go through the same thing now that they are owned by Blackstone.
Their appetizer three tiered tower (forgot the name) with nachos, potato skins, etc. was awesome back in the day. Never should've discontinued it.
I came here to get drunk for cheap and meet locals. It worked.
the TGI Fridays at DFW airport was rated the best airport bar and grill in the country so maybe they can do only airport restaurants
Company Man put out a video about TGI Fridays 2 weeks ago... Coincidence? I don't think so and I don't like it.
I loved TGI Fridays, fantastic Potato skins. Then they disappeared from here in PDX.
In Panama they are still number 1, but it is because the franchisee is doing a great job with the brand.
TGI Fridays in Japan is still pretty good and NEVER sold sushi.
It was pretty gross to be honest, people are smarter and more discerning today.
Let me guess…loaded up on debt, got in bed with PE, got away from its original vision…yup. Lather, rinse, repeat.
I live in the Philippines we had some TGI Fridays first time I ate I felt it was OK but not something I would go back to. When a Chili's opened I tasted there was difference between the two been more of a Chili's fan since.
Them $10 endless apps saved me during college. We’d get a group of 5/6 and plan each round and shared food.
Changing up the app and the rewards made it more annoying to use and I stopped going there two years ago.
The reason why restaurant service might have taken a dip is more than likely due to the horrible economy which we are living in at the moment. Especially if these folks are making $10-$14/h. About the amount a high school graduate is probably making
There's a TGI Friday's near here. Southwoods Mall, I think.
Well, won't be for long. They're all going under.
Whoa Bryan Cranston telling us ITS FRIDAY!!!!
Moral of the story never take out a loan.
All of these corporation take overs are like in Goodfellas when Paulie takes over the restaurant
I hated their cheesy commercials
It’s almost like these companies should plan a better exit strategy because most buisness claim loss or go bankrupt
Outstanding
Omg i loved this place in marina del Rey until the wrong crowd from Inglewood moved in and started the downfall of this place.
Private equity strikes again. Terrible food, didn’t keep up with the times, lost its identity, high prices, the list could go on.
I loved their build a burger menu. It was all down hill when they did away with it
Is Applebees next?
The food is low quality mass produced fast food type food. When you’re in your teens and early twenties that may fly. The drinks are fine.
I love their sizzling chicken, one of my favorite dishes of all time.
When my chicken tenders taste like it was cooked in the same fryer as fish. I quit going there.
TGI went bankrupt even in Stockholm. In a prime spot.
Private equity does it again!
I'm surprised Diddy let this opportunity slide; he would’ve been a great franchisee #freakyfridays
Interesting to see TGIF in Manila when I last vacationed earlier this spring of 2024.
They dumped their whole gimmick and the food got awful at the same time. No reason to visit anymore.
I believe where they went wrong they kept changing the message of their brand. 😊
It's so sad to see such an icon crumble 😔
Yes it is .
The one in my town just closed.
Should have kept the endless apps for $12 like they promised.
Thank God
"Making Americans Poor" - is ur answer for why restaurants, ie small businesses, retail shops, hair salons, etc. are going BROKE!!!! Also, the quality of food has gone downhill and the prices have increased. Servers also need to be trained.
It was the flair..it's always the flair...
Is it possible because the food is simply bad....
LOL but not really; any time I hear Private Equity is involved you know the ending is bad!!
it should have stayed as a bar grille meeting place. not a restaurant with Mcdonald's quality but thrice the price..! if it was a place where people went at 7pm on a Friday and were still there at 12am that's what it needed to be..meeting, bar, restaurant, bar - dancing, etc, etc.
Endless apps is awesome.
Well, it seems to be doing well here in South Korea :)
To much over head , you merge two businesses into one , TGI Friday's & Red Lobster