Friendly’s Will Sell to Investment Group for Less Than $2 Million | Eater
"An 85-year-old East Coast restaurant chain known for its ice cream and classic diner fare has filed for voluntary bankruptcy after pandemic-related revenue declines. CEO George Michael said the brand had been working for two years to reinvigorate itself amid shifting demographics, increased competition, and rising costs, but that progress was abruptly halted when COVID-19 forced dine-in operations to cease or reopen with limited capacity. The company intends to sell its assets to Amici Partners Group, an investor tied to Brix Holdings, with the reported selling price just under $2 million. Once a chain of more than 500 locations a decade ago (and a previous bankruptcy filer in 2011), the business now operates about 130 restaurants; nearly all locations are expected to remain open during the bankruptcy and sale process, and the buyer plans to retain employees at corporate-owned restaurants." - Jenny G. Zhang
