Carlson, the global hospitality and travel company, says it has authorized a review of strategic alternatives, including a possible sale of TGI Fridays restaurants.
“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,” Trudy Rautio, the president and chief executive of Carlson, said in a statement.
TGI Fridays operates more than 900 restaurants in more than 60 countries and has annual sales of more than $2.5 billion. The first TGI Fridays restaurant opened in 1965 in New York City. The restaurant chain claims credit for creating the drink known as the Long Island Iced Tea.
“This is an exciting time for Fridays restaurants worldwide and for our employees,” Nick Shepherd, the president and chief executive of TGI Fridays, said in the statement. “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.”
Carlson has more than 1,300 hotels under several brands.