A Personal Mission: CEO Ray Blanchette Bets on Nostalgia and Innovation to Revive TGI Fridays
By Alicia Kelso, Restaurant Business Reporter
DALLAS — For Ray Blanchette, the fight to save TGI Fridays isn't just another corporate turnaround. It's a mission to reclaim the legacy of a brand where he began his career—and to protect the communities built around its red-striped awnings.
The casual dining chain, which filed for Chapter 11 bankruptcy in late 2024 and shuttered nearly half its U.S. system, recently unveiled an ambitious goal: reach $2 billion in revenue and over 1,000 global restaurants by 2030. Leading this charge is Blanchette, a veteran executive who first joined the brand's parent company in 1989 and returned as CEO in 2018, and again in January 2025 after a brief hiatus.
"I grew up in this brand. Some of these franchisee families, I've known for literal decades," Blanchette said in an interview. "This is about more than the business. It's personal."
That personal stake is now being tested. Since his return, Blanchette's management company, Sugarloaf Hospitality, acquired the struggling UK operations. His strategy rests on three pillars: activating the brand, menu innovation, and franchisee health.
Early Signs of Life
The first tangible test was a holiday pop-up, "TGI Elf Days," which asked franchisees to invest in decorations and themed events. Blanchette admits he faced skepticism. "I'm sure they thought I'd lost my mind," he said. However, by leveraging marketing funds to support the initiative, participation was universal. The result: a lift in traffic, frequency, and same-store sales without price hikes, alongside record consumer sentiment scores.
"The carryover effect was key," Blanchette noted. "Seeing families walk in, the kids' eyes wide—that energy told me we were selling connection again."
A Sharper Brand Voice
A pivotal hire, Head of Digital Christopher Houston, has reshaped the brand's online presence, embracing a bold, sometimes combative tone. A social media spat with rival Chili's in May 2025 over mozzarella stick supremacy went viral, with Chili's sniping, "...we honestly didn’t know you were still open."
"We were excited when they jumped in," Blanchette said of the exchange. "They were punching down, and it amplified us. Changing our brand voice has been critical."
Global Insights, Shared Plates
Menu innovation is looking abroad for inspiration. Noting how burgers are shared family-style in some Asian markets, Fridays is doubling down on its appetizer lineup—already 30% of sales—and its signature shareable "Appetizer Towers."
"The tower creates tableside flair and saves space for more sharing," Blanchette explained, aligning with a consumer shift toward social, less transactional dining.
The Road Ahead
With 150 new restaurant agreements signed in markets from Uzbekistan to the Philippines, growth will be globally fueled. But Blanchette stresses that franchisee profitability is the non-negotiable foundation. "Development agreements are meaningless if franchisees aren't getting the right returns," he stated.
The path forward is laden with the challenges of a bruised brand and a tough sector. Yet, Blanchette's personal commitment—and some early green shoots—suggest this comeback story is just beginning.
/// USER REACTIONS ///
We asked industry observers and patrons for their take:
Michael Torres, Restaurant Consultant (San Diego): "The focus on franchisee health is the smartest part of this plan. You can't rebuild a network if your partners are drowning. The social media gambit is risky but necessary to regain relevance with a younger crowd."
Sarah Chen, Food Trend Analyst (NYC): "Leveraging global trends for the menu is astute. The shared, 'experience-first' positioning taps directly into what diners under 40 are seeking. If they can consistently deliver on that 'flair,' they have a fighting chance."
Dave Riggs, Former Franchisee (Ohio): "This is too little, too late. I lost everything when my two stores closed in '24. Blanchette talks about 'family,' but where was that support when we were going under? Holiday decorations don't pay the rent. This feels like rearranging deck chairs on the Titanic."
Priya Mehta, Longtime Patron (London): "The Elf Days event at our local was packed and felt like the old Fridays—fun and lively. My kids loved it. If they keep that energy up and the food consistent, we'll be back. It's a classic that deserves a second act."
Contact Alicia Kelso at [email protected]
Follow her on TikTok: @aliciakelso