Bankruptcy/Chapter 11 / Food, Beverage, & Tobacco / Food & Staples Retailing
Friendly Ice Cream Sale Consummated
Privately-held Friendly Ice Cream Corporation announced that the Company consummated the sale of its business to Friendly’s Ice Cream, LLC and its subsidiaries. “The completion of our financial and operational restructuring in just over three months is a significant accomplishment. It is a testament to the hard work and dedication of our employees as well as the ongoing support of our restaurant guests, franchisees, retail customers and vendors,” said Harsha V. Agadi , chairman and C.E.O. of Friendly’s. “As a now better capitalized company, more able to compete in the casual family restaurant sector, we look forward to building on Friendly’s rich 76-year-old history.” The Company further announced that it was unable to reach “acceptable agreement” with the landlords at 37 of its restaurant locations: “Therefore, the Company has made the difficult decision to close these Friendly’s effective at the close of business on January 8th.”
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