Friendly’s Restaurants Filing For Chapter 11 Bankruptcy
(Above Image Courtesy of Friendly's Facebook Page)
According to a news report from WWLP/22 News, FIC Restaurants, the parent company that runs Friendly’s restaurants, is filing for Chapter 11 bankruptcy, but that doesn’t mean the iconic local chain of eateries is going away.
FIC Restaurants made the announcement in a news release late Sunday night, saying that they plan to sell their assets to Amici Partners Group. Amici is made up of experienced restaurant investors and operators.
Under the plan, nearly all 130 Friendly's restaurants, whether corporate-owned or franchised, will remain open under current COVID-19 protocols.
Amici expects to keep nearly all employees who work at corporate-owned locations.
Over the past number of years, the chain of restaurants(based in Wilbraham)has seen its number of locations decline sharply, from over 500 locations to 130 locations.
George Michel, the company's CEO, says they have made progress toward re-invigorating their brand in the past couple years, but the COVID-19 pandemic has hit them hard, much as it has across the restaurant industry.
Michel says he believes the voluntary bankruptcy filing and planned sale to a new, deeply experienced restaurant group will enable Friendly’s to rebound from the pandemic as a stronger business.
For more on the story, please visit WWLP/22 News' website here and we thank them for the info.