Friendly's restaurant chain files for Chapter 11 bankruptcy protection amid pandemic woes
Added 11-02-20 02:04:03pm EST - “The family restaurant chain known as Friendly's filed for Chapter 11 bankruptcy protection, joining other casual dining chains such as Ruby Tuesday.” - News.yahoo.com
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The family restaurant chain known as Friendly's now finds itself in the decidedly unfriendly territory of a bankruptcy court.
FIC Restaurants, the company that owns the chain, filed for Chapter 11 bankruptcy protection late Sunday, becoming the latest in a series of casual dining companies to falter amid the pandemic.
The corporate owner said it had agreed to a deal to sell its assets to Amici Partners Group, which is affiliated with BRIX Holdings, a company that handles restaurant franchising.
"Nearly all" of Friendly's 130 company-owned and franchised locations will remain open, FIC said in a statement. The chain is known for its sandwiches, burgers and ice cream desserts.
The move comes amid a flurry of bankruptcy filings for restaurant chains, including most recently the companies that own Ruby Tuesday and California Pizza Kitchen. Restaurants that rely heavily on sit-down dining have generally fared poorly amid restrictions on their capacity and fears of the coronavirus as the pandemic continues.
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