JIB Management Purchases Additional 48 TGI Fridays™ Restaurants

Fridays Now Nearly 80% Franchised Following Transaction

News provided by

Jul 07, 2015, 02:34 ET

CARROLLTON, Texas and SAN JOSE, Calif., July 7, 2015 /PRNewswire/ -- In the latest TGI Fridays™ franchise deal to be completed, JIB Management, Inc. has purchased 48 Fridays restaurants across the Midwest – primarily located in the Chicago, Detroit, Minneapolis and Indianapolis markets. These are in addition to the 16 Orlando-area Fridays restaurants JIB purchased earlier this year.

As part of this new agreement, JIB will be remodeling restaurants in the Midwest to the contemporized Fridays look. Additionally, JIB will expand Fridays presence in the region with a commitment to build 16 new restaurants in these important markets.

"Fridays is a strong global brand and we're excited to expand our partnership," said JIB President & CEO Anil Yadav. "We look forward to building Fridays presence in the Midwest by remodeling the existing restaurants and adding new stores to the region in the coming years."

With this transaction, Fridays continues to make great progress toward its goal of being a focused world-class franchisor, partnering with franchisees who have a passion for delivering a great guest experience by investing in their people and growing their business. Fridays now expects to refranchise the majority of its corporate-owned U.S. restaurants significantly sooner than expected.

"We have a strong network of franchisees who are committed to driving the Fridays business forward by reimaging their existing restaurants, opening new locations and above all else, focusing on their people," said TGI Fridays USA President & Chief Operating Officer Ricky Richardson. "Our refranchising strategy has allowed us to add great franchise partners like JIB to our existing strong franchise base. JIB has years of experience successfully operating restaurant brands, and it's great to have partners who share our passion for people and the pursuit of excellence."

About TGI Fridays
As the original casual dining bar and grill, TGI Fridays offers authentic American food and legendary drinks, served with genuine personal service. Bringing people together to socialize and celebrate the freeing and liberating spirit of "Friday" was the concept's founding premise, from which the brand promise "In Here, It's Always Friday®" was born. To share that social Fridays experience all over the world, TGI Fridays proudly serves guests with over 900 restaurants in nearly 60 countries. For more information, visit www.fridays.com or follow us on Twitter at @TGIFridays.

About JIB Management
JIB Management is a strong, highly-respected foodservice management company who owns and operates more than 300 restaurants across California, Texas, and the Southeast U.S. Currently, JIB owns and operates about 220 Jack in the Box restaurants – Jack in the Box's largest franchisee, and a brand JIB has been with since 1989. They now have 64 TGI Fridays locations, in addition to 71 Denny's (the largest Denny's franchisee in California), 4 Sizzler's, 5 Corner Bakery and 6 El Pollo Loco restaurants.

Logo - http://photos.prnewswire.com/prnh/20150203/173040LOGO

SOURCE TGI Fridays