TGI Friday’s bankruptcy filing: Chain follows Red Lobster into Chapter 11

The casual restaurant chain TGI Friday’s Inc. has filed for bankruptcy protection after struggling to turn around a company under pressure from increasingly price-conscious consumers who have become more selective when they eat out, or favor competitors who offer faster food.

The company filed for Chapter 11 in the Northern District of Texas on Nov. 2, listing assets between $100 million and $500 million and debts between $100 million and $500 million on the bankruptcy filing.