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flag TGI Friday's closes 36 US locations, sells nine to former CEO for $30.5M to exit bankruptcy.

flag TGI Friday's is closing 36 US restaurants and selling nine locations to its former CEO, Ray Blanchette, to emerge from Chapter 11 bankruptcy. flag Blanchette bid $30.5 million to buy the locations and take on the company's debt, aiming to revive the struggling brand. flag TGI Friday's COO, Ray Risley, believes the brand can be salvaged by improving the franchise model and closing underperforming stores.

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