TGI Fridays will remain on UK high streets after a rescue deal was secured for News Today the restaurant chain - but more than 1,000 staff have lost their jobs.
Thirty-five restaurants are closing immediately after they were not included in the sale, resulting in 1,012 redundancies.
However, 51 sites have been rescued in the sale to Breal Capital and Calveton, a day after Sky News reported a deal was being finalised.
It means nearly 2,400 jobs have been saved across the chain.
Trade union Unite said on X that staff had been shut out of restaurants with padlocks on the doors changed, while others were invited to a video call with members of the head office with one hour's notice.
Other workers said they had not been told whether or not they will be paid, according to the trade union.
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Tap hereTGI Fridays' parent company Hostmore said it was filing for administration last month due to debt problems.
The restaurants being saved are:
- Bluewater
- Trafford Centre
- Meadowhall
- Aberdeen Union Square
- Metrocentre
- Basildon
- Glasgow Fort
- Milton Keynes Stadium
- Braehead
- Wembley
- Birmingham NEC
- Glasgow
- Junction 27
- Castleford
- Lakeside Quay
- Teesside
- Bolton
- Norwich
- St Davids
- Doncaster
- Lakeside
- Fareham
- Liverpool One
- Stevenage
- White Rose
- Cribbs Causeway
- Rushden Lakes
- Stoke-on-Trent
- Southampton
- Silverburn
- Watford Central
- Aberdeen Beach
- Braintree
- Bournemouth
- Stratford
- High Wycombe
- Cheshire Oaks
- Walsall
- Milton Keynes
- Sheffield
- Nottingham
- Edinburgh
- Coventry
- Ashton-Under-Lyne
- Telford
- The O2
- Staines
- Crawley
- Reading
- Cheadle
- Leicester Square.
Julie McEwan, chief executive of TGI Fridays UK, said: "The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole.
"We are devastated for our colleagues who will be leaving TGIs and News Today thank them for their loyalty and contribution during their time with us.
"We are doing everything possible to retain our team and support those impacted."
New private equity owners Breal and Calveton jointly own upmarket restaurant chain D&D London, and between them have had investments in Byron Burger and wine bar chain Vinoteca.