Friendly's Restaurant Weighs Chapter 11
by Mike Spector
Friday, September 30, 2011
Ice Cream and Burger Chain Prepares for Possible Bankruptcy Filing as Fewer Consumers Eat Out
The Friendly's restaurant chain is preparing for a possible Chapter 11 bankruptcy filing and potential sale, said people familiar with the matter.
Friendly Ice Cream Corp., which employs roughly 10,000 people and operates more than 500 restaurants known for sundaes and hamburgers, could seek protection from creditors as soon as next week, the people said.
The Wilbraham, Mass.-based company would then try to sell itself through a bankruptcy auction, the people said.
http://finance.yahoo.com/banking-budget … -budgeting
anyone that grew up in the northeast will know this place..it was a favorite hang out for ice cream and burgers with friends.
it's sad to see so many smaller businesses going out of business.
They have been in trouble for years. This isn't the first time I've heard this sort of talk coming from them.
Their Ice Cream division was the most profitable, however, their eatery/restaurants weren't, due to poor managing by the managers hired.
It will be a shame. They are one of the biggest suppliers of Ice Cream, aside from Hood Ice Cream, which I think is on the outskirts of East Longmeadow.
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