Paul Mangiamele, Owner, Chairman, and CEO of Legendary Restaurant Brands—which includes Bennigan’s and Steak and Ale—shares his thoughts on the breaking news that industry peer T.G.I. Fridays will be closing over 50 locations nationwide. Read his full insights below.
https://njbiz.com/tgi-fridays-closes-50-restaurants…/
“Our hearts go out, NOT to the private equity vultures, but to the dedicated TGI Fridays franchisees and teams that have lived their brands for decades.
As I’ve said a million times, all things being equal, People, Passion, Culture, Desire, and Execution will beat strategy and tactics every day of the week.
Customers—or, as we say, guests—have NEVER given up on casual dining; however, some casual dining brands gave up on their guests long ago by failing to remodel, or ideate, or deliver a value-based experiential experience versus a transactional one.
Bennigan’s, Bennigan’s On The Fly, and Steak and Ale are 100% privately owned. We have full control of our brands, no debt, and are immensely proud of our Legendary Corporate Team, franchise partners, and their dedicated teams that represent us around the world!
What goes around really does come around, and as we pioneered the creation of the casual dining category, it’s fitting that we are atop the leaderboard once again.
Lastly, we continue—and will always—pay respect and homage to the iconic Norman Brinker for having the vision and foresight to create the family of brands that have stood the test of time for almost 60 years.
It’s a legacy we hold close to our hearts. Onward!”
– Paul Mangiamele
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