Some of the most iconic casual dining chains in the U.S. have filed for bankruptcy and closed several locations over the last year.
Classic bar and grill TGI Friday’s has disintegrated right before our eyes, shrinking by over half its size over the last six months.
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The restaurant chain on Oct. 21, 2024, listed 213 locations in 29 states on its website locator, but by Oct. 29, it had pared the list to 163 U.S. locations on the locator site. The company had about 550 franchise locations in 55 countries at the time.
Related: Popular casual restaurant chain closes over half its locations
TGI Friday’s had 161 U.S. locations four days later when it filed for Chapter 11 bankruptcy on Nov. 2, 2024. The number further plummeted over the next five months to 85 U.S. locations on April 24.
It now has 461 restaurants in 44 countries.
Popular seafood chain Red Lobster filed for bankruptcy in May 2024 and emerged from Chapter 11 in September 2024. The restaurant operator closed about 187 restaurants after filing for bankruptcy and now operates about 478 locations in 44 states as of April 24, according to the store locator on its website.
Struggling Mexican restaurant chain, On The Border Mexican Grill & Cantina, which began this year operating about 120 locations, on March 4, 2025, filed for Chapter 11 bankruptcy with plans to sell its assets to its prepetition bridge loan lender.
Before filing for bankruptcy, the debtor closed or vacated 40 non-performing stores on Feb. 24 because of problems with rent and/or financial performance.
On The Border currently has 60 locations operated by OTB Holding, which is 100% owned by private equity firm Argonne Capital Group’s affiliate Borders Holdings, and 20 others run by franchisees.
Planet Hollywood at Los Angeles International Airport has closed after its operator filed for bankruptcy. (Photo by Bruce Glikas/Getty Images)
Planet Hollywood operator files bankruptcy
And now, casual restaurant operator PB Restaurants LLC and its affiliate entities, Planet Express (LAX) LLC and Times Square Buffet LLC, filed for Chapter 11 bankruptcy protection to reorganize their businesses and close a key restaurant location.
Related: Another popular pizza chain files Chapter 11 bankruptcy
PB Restaurants and the affiliates filed their petition on April 4, 2025, a day before debtor Planet Express (LAX) reportedly closed a Planet Hollywood restaurant location at Los Angeles International Airport’s Tom Bradley Terminal. The LAX Planet Hollywood was set to close on April 5, The Independent reported.
Times Square Buffet, which likely operates buffet-style restaurants, did not indicate any specific restaurant closings.
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The debtors listed $100,000 to $500,000 in assets and $1 million to $10 million in debts in their petition. Planet Express’s largest creditors include Westfield Concessions Management, owed a contingent claim of about $1 million; Santa Monica Unite Here Health, owed over $282,000; Sysco Los Angeles, owed over $54,000; and other food and beverage suppliers, including Harbor Distributing, Southern Glazer’s, and Pepsi.
The debtor indicated that funds would be available to distribute to unsecured creditors.
PB Restaurants, Planet Express (LAX) and Times Square Buffet listed their principal place of business as 4700 Millenia Blvd., Suite 400, Orlando, on their Chapter 11 petitions, which is also the headquarters of Planet Hollywood International and Earl Enterprises, the restaurant chain’s owner.
Earl Enterprises owned the Buca di Beppo Italian restaurant chain when it filed for Chapter 11 bankruptcy protection on Aug. 4, 2024, and sold the bankrupt chain’s assets, including 44 locations, to its stalking-horse bidder Main Street Capital Corp., which was also its prepetition lender.
Related: Another popular brewery files Chapter 7 bankruptcy to liquidate
