Casual restaurant chain TGI Fridays Inc. filed Chapter 11 Bankruptcy in Texas on Saturday, with the company’s executive chairman saying it still has not fully recovered from the COVID-19 pandemic.

The bar and grill chain, known for serving hamburgers, loaded potato skins and $5 happy hour drinks, said the move was made to “address legacy responsibilities and position the restaurants for long-term success,” the company said in a press release.

The Dallas-based company says 39 of its domestic company-operated restaurants would remain open. TGI Fridays is short for “Thank God It’s Friday.”

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TGI Fridays has closed its longtime restaurant on Route 38 in Cherry Hill. (Jim Walsh/Courier-Post/USA TODAY NETWORK via Imagn Images/IMAGN)

Additionally, the company has franchised the brand to 56 franchisees in 41 countries. All this franchise locationsboth domestic and international, are independently owned and therefore not included in the TGI Fridays Chapter 11 process, the company said.

The company says it plans to use the time and legal protections afforded by the Chapter 11 restructuring process to explore strategic alternatives to ensure the long-term viability of the brand.

“The next steps announced today are difficult but necessary actions to protect the best interests of our stakeholders, including our domestic and international franchisees and valued team members around the world,” said Rohit Manocha, president executive of TGI Fridays Inc, in a press release.

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A closed TGI Fridays store in Princeton, New Jersey (Getty Images/Photo illustration/Getty Images)

“The primary driver of our financial difficulties results from COVID-19 and our financial structure. This restructuring will allow our restaurants to move forward with an optimized business infrastructure that will allow them to reach their full potential.

The company says it has secured a debtor-in-possession financing commitment to support operations while continuing through the Chapter 11 process.

The TGI Fridays brand and related intellectual property are not included in the Chapter 11 filing due to a securitization agreement with a separate investor group, the company says.

The company has closed 12 U.S. locations and 35 overseas restaurants in recent weeks.

In January, the brand closed 36 of its restaurants in the United States, which were “underperforming”, saying this was part of a long-term growth strategy to ensure their viability.

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An image of the sign for TGI Fridays in New York (Bruce Bennett/Getty Images/Getty Images)

It also sold eight of its corporate restaurants to its former CEO Ray Blanchette that month, with the company adding that this “era of transformation” would help generate continued revenue for the chain.

TGI Fridays has been serving its customers for over 50 years.

The company says it currently operates more than 461 restaurants in 41 countries serving “high-quality, classic American cuisine and iconic beverages supported by authentic, authentic service.”

Fox News’ Kristen Altus and Daniella Genovese contributed to this report.