TGI Fridays’ Chapter 11 bankruptcy filing has left franchise owners and customers uncertain about the fate of nearly $50 million in outstanding gift cards. Filed in a Texas federal court on Saturday, the bankruptcy aims to address the chain’s mounting debt and operational challenges, but franchisees are concerned they may have to honor gift card redemptions without reimbursement.

The Dallas-based company, which owns 39 locations in the U.S., is currently restructuring to adapt to changing consumer habits and pandemic-era disruptions. More than 60 franchisees not included in the bankruptcy expressed concerns over gift card obligations in a Monday hearing, warning of potential financial strain if customers rush to redeem cards. TGI Fridays Inc. owes $49.7 million in gift cards—some dating back over 20 years—far exceeding the $5.9 million it has borrowed for restructuring.

U.S. Bankruptcy Judge Stacey Jernigan approved TGI Fridays’ interim operations, allowing franchisees more time to evaluate the gift card program. TGI Fridays has assured that it intends to meet obligations to franchisees and customers, though attorneys for franchisees say they need further clarity to avoid “holding the bag” if reimbursement funds fall short.

Like other casual dining chains, TGI Fridays has struggled to recover from pandemic-driven losses amid rising competition from fast-casual dining.