Chapter 11

In a statement, Spirit said the bankruptcy process - known as Chapter 11 - will not impact employee pay or payments to aircraft leasing companies.

TGI Fridays Inc., the casual dining restaurant chain, filed for Chapter 11 bankruptcy Saturday.

The Chapter 11 restructuring process will allow TGI Fridays “to proceed with an optimized corporate infrastructure that enables them to reach their full potential.”

TGI Fridays has “secured a commitment for debtor-in-possession financing to support operations while proceeding through the Chapter 11 process,” the statement specified.

TGI Fridays follows in the footsteps of Red Lobster and Buca di Beppo chains, which filed for Chapter 11 bankruptcy in the past months.