Franchise News
The iconic burger and ice cream brand has been around since the Great Depression, but to survive the Great Pandemic, it will have to sell all its assets to another restaurant industry titan.
FIC Restaurants, Inc., the company that operates all Friendly's restaurants, has agreed to sell all assets to Amici Partners Group, LLC, in a second bankruptcy filing.
The East Coast franchise brand, which started during the Great Depression, joins a raft of similar chains to file for bankruptcy amid the pandemic and ensuing lockdowns. Ruby Tuesday’s, Sizzler, California Pizza Kitchen and Chuck E. Cheese parent CEC Entertainment have all met similar fates as national lockdowns close north of 100,000 restaurants around the country.
“Nearly all of Friendly’s 130 corporate-owned and franchised restaurant locations are expected to remain open subject to COVID-19 limitations, and the transaction is expected to preserve thousands of corporate-owned restaurant team member and franchisee jobs,” a release from the company read.
“We believe 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, with the leadership and resources needed to continue to invest in the business and serve loyal patrons, as well as compete to win new customers over the long-term,” George Michel, CEO of FIC Restaurants, said in the statement.
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