G5ive Restaurant Group has announced its intention to buy TGI Fridays, a strategy it said would empower Black-owned businesses and the African American community.

According to G5ive, the acquisition demonstrates its commitment to revitalizing a well-known establishment while creating opportunities for growth and leadership within the African American community. 

“The creation of G5ive Restaurant Group is more than just a business venture; it’s a statement,” said founder Cory Griffin. 

“By pursuing the acquisition of TGI Fridays, we are actively working to increase Black ownership in major restaurant franchises, building upon the success of Nicholas Johnson and demonstrating the immense potential within the African American business community,” he added.

The company plans to grow TGI Friday’s brand through innovative strategies and operational improvements, as well as implement sustainable business practices to ensure long-term success.

It will also create job opportunities across various levels and invest in community engagement programs.

The proposed transaction is expected to be made through an ownership consortium. Financial details were not disclosed.

TGI Fridays owns and operates 39 restaurants in the US. The company filed for bankruptcy under Chapter 11 in early November.