Friendly’s Files for Chapter 11, Restaurants to Remain Open

FIC Restaurants, Inc, the parent company of Friendly's Restaurants, filed for Chapter 11 on Nov. 2, 2020. The company plans to sell nearly all of its assets to Amici Partners, LLC, an investment group with years of experience in the restaurant business.

Friendly's joins a group of restaurants that have been forced into bankruptcy since the COVID-19 pandemic began. Like many of the other establishments that have filed for Chapter 11, Friendly's relies on in-house, sit-down service to remain competitive. Its bankrupt cohorts include Ruby Tuesdays, Chuck E. Cheese, and California Pizza Kitchen, among others.

Pending bankruptcy court approval, Amici will pay $1,987,500 for the Friendly's empire, according to Bloomberg. The sale is expected to take place before the end of 2020. A hearing...

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