The Board of Directors of Carlson has approved the evaluation of strategic alternatives for TGI Fridays Restaurants. Based in Minneapolis, Minnesota, Carlson is a hospitality and travel firm with operations around the world. TGI Fridays Restaurants is an American casual bar and grill with over 900 restaurants located in more than 60 countries. Piper Jaffray has been selected by the Carlson board to be the financial advisor as part of the review process.
A possible sale is among the options considered. Carlson President and Chief Executive Officer Trudy Rautio said in a statement, "Capitalizing on Fridays' strong marketplace momentum, the board has determined that this is the optimum time to assess its options for the iconic restaurant brand, including a possible sale."
It will be business as usual for Fridays while the evaluation is going on, Carlson said. The first TGI Fridays Restaurant opened for business in New York City almost 50 years ago. Known for popularizing the first "Happy Hour" and the creation of the Long Island Iced Tea, its most recent achievements include the launch of a re-imaging effort in its more than 60 company-owned restaurants which have driven up sales by 10% compared to the current market. It was also able to deliver robust growth in its international operation in terms of sales and number of restaurants.
Nick Shepherd, the President and Chief Executive Officer of Fridays, said this was an exciting time for the company and their employees. He said, "For the past several years, Carlson has invested heavily in the business to refresh the brand, coupled with aggressive actions within the corporate structure to contain costs. In support of our brand promise, 'In Here, It's Always Friday' we are uniquely positioned as the best casual dining bar in our category, which enables us to deliver strong results for our owners."
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