TGI bankruptcy filing Friday: Chain follows Red Lobster in Chapter 11

Restaurant chain TGI Friday's Inc. has filed for bankruptcy after struggling to turn around its business under pressure from increasingly cost-conscious consumers who have either become pickier about eating out or prefer competitors that offer quicker food.

The company filed Chapter 11 in the Northern District of Texas on Nov. 2, listing assets between $100 million and $500 million and liabilities between $100 million and $500 million in its bankruptcy filing.