Carlson, the global hospitality and travel company, said on Friday that it had authorized a review of strategic alternatives including a possible sale of T.G.I. Fridays restaurants.
“Capitalizing on Fridays’ strong marketplace momentum, the board has determined that this is the optimum time to assess its options for the iconic restaurant brand, including a possible sale,†Trudy Rautio, the president and chief executive of Carlson, said in a statement.
As part of the evaluation process, the board has selected Piper Jaffray to serve as its financial adviser, according to the statement.
T.G.I. Fridays operates more than 900 restaurants in more than 60 countries and has annual sales of more than $2.5 billion. The first T.G.I. Fridays restaurant opened in 1965 in New York City. The restaurant chain claims credit for creating the drink known as the Long Island Iced Tea.
“This is an exciting time for Fridays restaurants worldwide and for our employees,†Nick Shepherd, the president and chief executive of T.G.I. Fridays, said in the statement. “For the past several years, Carlson has invested heavily in the business to refresh the brand, coupled with aggressive actions within the corporate structure to contain costs.â€
Carlson has more than 1,300 hotels worldwide under brands like Radisson, Park Plaza and Country Inns and Suites. It also owns the Carlson Wagonlit Travel agency.
