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MPR News Staff
St. Paul, Minn.

Minnetonka-based Carlson sells off TGI Fridays chain

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Minnetonka-based hospitality and travel giant Carlson, Inc. has sold the TGI Fridays restaurant chain to a pair of investment groups.

The chain got its start in 1965 when the first location opened in New York City. Carlson bought it in 1975 when there were only 12 restaurants. Now there are 900 restaurants in 60 countries with sales of $2.7 billion.

Carlson says it will use the proceeds to invest in its hotel and travel businesses, where the company sees significant opportunities.

The companies did not reveal the terms of the deal.