Friendly’s Has Been Sold to a Connecticut-Based Investor Group | Eater Boston

"A long-established New England restaurant chain founded in 1935 by brothers S. Prestley Blake and Curtis Blake, this once-beloved brand became known for its burgers, patty melts, grilled cheese sandwiches and extensive ice cream creations. After changing ownership multiple times (notably a 1979 sale to Hershey Foods), the chain struggled in recent years, filing for Chapter 11 and shrinking from more than 500 locations a decade ago to roughly 130 franchised and corporate sites today, with over 300 closures in the past decade. The business’s retail ice cream and manufacturing arm had been sold separately in 2016 for $155 million to Dean Foods. Most recently, the restaurant business was acquired by Amici Partners Group—an investor group affiliated with Brix Holdings whose principals say they are longtime owners/operators and customers—who intend to reinvigorate the brand; the sale followed the bankruptcy process and reportedly fetched just under $2 million. Corporate staff at company-owned locations are expected to remain employed, while staffing at franchised units is determined by individual franchisees." - Terrence Doyle