Try This;
<?php
$timestamp = time();
$date_time_array = getdate($timestamp);
$hours = $date_time_array["hours"];
$minutes = $date_time_array["minutes"];
$seconds = $date_time_array["seconds"];
$month = $date_time_array["mon"];
$day = $date_time_array["mday"];
$year = $date_time_array["year"];
$timestamp = mktime($hours, $minutes,$seconds ,$month, $day,$year);
//This compiles the current time stamp
$date = getdate($timestamp);
while ($date[wday] !=5)
{
$day = $day-1;
$timestamp = mktime($hours, $minutes,$seconds ,$month, $day,$year);
$date = getdate($timestamp);
}
//Above code searches until it comes across the last Friday
$LastFriday = strftime( "%Y-%m-%d",$timestamp);
?>