(Bloomberg) — TGI Friday’s Inc. has struck a deal to sell its outlets in the Dallas Fort Worth International Airport and a handful of other corporate-owned locations in Maryland to restaurant operator Mera Corp. for $34.5 million.
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Mera bested an earlier offer by TGI Friday’s former Chief Executive Officer Ray Blanchette, whose business Sugarland Hospitality sought to acquire the same restaurants which were put to auction in Chapter 11. Mera placed a joint offer along with fellow restaurant franchisee, Anil Yadav, according to court documents.
“I’m glad that TGI is going to continue on,” Judge Stacey Jernigan said during a Thursday court hearing after approving the sale. Mera operates several dining brands in unconventional locations like airports and cruise ports, according to its website.
The sale was approved the same day the Wall Street Journal reported Blanchette was tapped to manage most of TGI Friday’s locations. The dining chain sought court protection in November and has more than 400 locations in the US and internationally, most of which are operated by franchisees, according to court documents filed in November.
TGI Friday’s lost management control of franchised locations in September after the company failed to file documents to bondholders on time. The franchised stores sold a $375 million bond in 2017 that was structured as a so-called whole-business securitization. The stores have been overseen by FTI Consulting Inc. after the company was terminated as manager.
TGI Friday’s and lawyers representing Sugarland Hospitality didn’t immediately return messages seeking comment.
The case is TGI Friday’s Inc., number 24-80069, in the US Bankruptcy Court for the Northern District of Texas.
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