The planned sale of TGI Fridays has been canceled. Hostmore, the U.K.-based operator of the casual dining chain, announced it will not proceed with the purchase. A trustee managing Fridays’ $375 million debt has removed the company as manager, transferring control of most of Fridays’ assets to a consultant, including the franchise operations.
In other news, Wendy’s has appointed a new chairman for the first time in 17 years. Arthur Winkleblack has been named chairman, succeeding Nelson Peltz, who has led the board since 2007. Winkleblack has been a board member since 2016 and served as the lead independent director since October 2023. Peltz will now hold the title of chairman emeritus.
Changes are also occurring in the fast-casual dining sector. Thrive Restaurant Group has acquired the Modern Market Eatery, which operates 29 locations. This acquisition marks a significant move for Thrive as it expands its presence in the fast-casual market.
In a sad development, Walt Ehmer, chairman and CEO of Waffle House, has passed away at the age of 58 after a lengthy illness. He dedicated over 32 years to the 24/7 restaurant chain.