Not So Friendly's!

Friendly's Restaurants is on the verge of collapse.

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Friendly’s Restaurants’ parent files for bankruptcy, announcing the sale of the brand for $2 million.

The company FIC Restaurants, the parent of the ice cream and hamburger chain filed for Chapter 11 bankruptcy protection after the COVID-19 pandemic caused sales to plummet.

The company will sell substantially all of its assets to Amici Partners Group for nearly $2 million, according to a Monday court filing.

Once again, private equity firms piling debt on companies and forcing them to declare bankruptcy to starve off the total liquidation of its assets. Private equity has been notorious for destroying companies. Some of our country’s most well known companies are gone because of private equity firms.

Friendly’s had a wide impact on the East coast and Midwest. The company is probably limited to only 157 locations. It’s located in Massachusetts, Vermont, New Hampshire, Maine, Pennsylvania, Maryland, Delaware, New York, New Jersey, Connecticut, South Carolina and Florida. It once had an impact in Ohio, Virginia and Rhode Island. Those locations had closed because of its first bankruptcy.

The company was founded in 1935 in Springfield, Massachusetts, by the Blake brothers, S. Prestley Blake and Curtis Blake. It is a diner-style cuisine and it highlights the 22 ice cream flavors:

The restaurant chain best known for its ice cream, joins a legion of popular restaurants that filed for bankruptcy. Chuck E. Cheese, Steak ‘n Shake, Ruby Tuesday and others have filed for bankruptcy. They have cited COVID-19 as one of the main reasons.

The surge in the coronavirus has hurt indoor seating and entertainment venues like Chuck E. Cheese, Dave & Buster’s, Round 1, TILT and GamesWorks suffered because of the pandemic.