The company filed Chapter 11 on Nov 2 in Texas, listing assets of between US$100 million and US$500 million and liabilities of between US$100 million and US$500 million in its bankruptcy petition.

The bankruptcy filing comes after Bloomberg earlier reported that TGI Friday’s was gauging its options for financing to continue funding its restaurants during a Chapter 11 restructuring.

TGI Friday’s is the latest casual dining outlet to seek court protection as the sector continues to grapple with faster competitors like Chipotle.

Lower-cost restaurant chains have also felt the impact of rising housing costs and high inflation on consumers who have increasingly opted to eat at home rather than go out in order to save money.

Red Lobster Management won court approval in September to leave Chapter 11 under new ownership, hoping to rebound from years of declining sales, costly leases and a money-losing “Ultimate Endless Shrimp” promotion.

Italian chain Bucca di Beppo, fish taco chain Rubio’s Coastal Grill and Mexican restaurant chain Tijuana Flats have also filed for bankruptcy this year.