The financial fallout from TGI Fridays’ bankruptcy has taken a new turn in Dallas. A trustee representing creditors has sued former executives, investors and affiliated companies, alleging that insider deals helped drive the once-familiar restaurant operator into financial trouble.
The October 30 lawsuit arrives after years of TGI Fridays restaurant closures across the United States. But this legal fight involves the company’s former corporate business, not the independently operated restaurants or the group that now controls the brand.
What the Texas lawsuit alleges
Creditor trustee Stephanie Wickouski filed the complaint October 30 in the U.S. Bankruptcy Court for the Northern District of Texas. The filing names nine individuals and eight businesses, including private-equity firm TriArtisan Capital Advisors, its co-founder Rohit Manocha and restaurant franchisee and former company executive Anil Yadav…