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Friendly's Close to Bankruptcy: Report
Fox Business ^
| 0/29/11
| Reuters
Posted on 09/29/2011 5:35:39 PM PDT by Dr. Scarpetta
Burger and ice cream chain Friendly's is close to filing for bankruptcy and may try to sell itself at auction, the Wall Street Journal reported on Thursday.
The Wilbraham, Massachusetts-based restaurant chain may file for bankruptcy as early as next week and is in talks with Wells Fargo & Co on a $70 million loan to keep it afloat during the process, the Journal reported, citing sources familiar with the matter.
According to the report, under bankruptcy, Friendly's would roll some of its existing debt into a new loan from Wells Fargo.
The loan would also include $25 million in new funds. Friendly's would seek an auction to sell itself out of bankruptcy, the report said.
Friendly's would be the latest in a number of restaurant chains, including Sbarro, Fuddruckers and Charlie Brown's Steakhouse, to file for bankruptcy because of the economic downturn and a drop in consumer spending.
(Excerpt) Read more at foxbusiness.com ...
TOPICS: News/Current Events
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To: Dr. Scarpetta
Best vanilla milk shakes. Ever.
21
posted on
09/29/2011 5:58:03 PM PDT
by
Pharmboy
(Austrian achievement: convincing world that Hitler was German and Beethoven Austrian)
To: Lazlo in PA
I saw the article earlier. This is particularly sad for me. My mother worked for one of the Blakes. He actually came out of retirement a number of years ago to save it...and he did. Brought it back from the brink. A few years later it was taken private and sold again. And now this. The Blakes are in their 90’s now, I doubt it could be done again.
And today I was thinking...Herman Cain reminds me somewhat of him, the entrepreneurial spirit, the work ethic, the restaurant business.
Today is a sad day.
22
posted on
09/29/2011 5:59:06 PM PDT
by
SueRae
(I can see November 2012 from my HOUSE!!!!!!!!)
To: Our man in washington
One problem is that Friendly’s has no healthy items on their menu. If I’m on the road, I like to get something that has at least a decent side of vegetables. I hear you. I notice that Applebee's also tries to have a few healthy items on the menu.
To: Dr. Scarpetta
Everyone please rush out and get a Fribble and some of those Friendly Franks I don’t want to lose any more Friendly’s!
24
posted on
09/29/2011 6:04:08 PM PDT
by
omega4179
(Cain makes a perfectly acceptable replacement front runner.)
To: Dr. Scarpetta
A hamburger made with two grilled cheese sandwiches as the "bun"!
Isn't American ingenuity wonderful!
To: All
Don’t tell Obama unless you want to see a 70 Million dollar photo op on our dime...
26
posted on
09/29/2011 6:12:42 PM PDT
by
Rodney Dangerfield
(To make a Conservative angry, tell him a lie. To make a Liberal angry, tell him the truth.)
To: Pharmboy
They’re my favorite too...
To: SueRae
It actually is a real shame.
29
posted on
09/29/2011 6:17:54 PM PDT
by
Gene Eric
(Your Hope has been Redistributed. Here's your damn Change!)
Sounds like a job for the Hermanator!
30
posted on
09/29/2011 6:18:41 PM PDT
by
Gene Eric
(Your Hope has been Redistributed. Here's your damn Change!)
To: Dr. Scarpetta
A remodeled Friendly's in New York
31
posted on
09/29/2011 6:22:40 PM PDT
by
CaptainK
(...please make it stop. Shake a can of pennies at it.)
To: CaptainK
Just wondering what town that is...
To: Dr. Scarpetta
That is too bad. Good ice cream. But their food service is way too slow.
33
posted on
09/29/2011 6:31:16 PM PDT
by
rbg81
To: Dr. Scarpetta
That is too bad. Good ice cream. But their food service is way too slow.
34
posted on
09/29/2011 6:31:16 PM PDT
by
rbg81
It's probably been 30 years since I went to a Friendly's (Central Ave & Ardsley Rd in Scarsdale, NY), but I have a lot of great memories there from high school.
Mark
35
posted on
09/29/2011 6:31:24 PM PDT
by
MarkL
(Do I really look like a guy with a plan?)
To: tanknetter
We had one in the town that I grew up in, and in remembering back, it was a combination of both the older crowd, and the absolute lack of brain powered people working either the register, the ice cream window, or taking your order
I would bet that there was a map behind the counter to show the workers how to tie their shoes if their laces ever came undone.
But the burgers were good.. : )
36
posted on
09/29/2011 6:35:28 PM PDT
by
Fedupwithit
("Live free or Die: Death is not the worst of evils" - Gen. John Stark)
To: nhwingut
I’d love to see a list of big name businesses that went down the tubes during the Kenyan’s short 3 year reign. Me too...
To: nhwingut
I’d love to see a list of big name businesses that went down the tubes during the Kenyan’s short 3 year reign. Me too...
To: Dr. Scarpetta
Jim Dandy - Yum
39
posted on
09/29/2011 6:39:28 PM PDT
by
tang-soo
(Prophecy of the Seventy Weeks - Read Daniel Chapter 9)
To: Dr. Scarpetta
Based on the Friendly’s I’ve tried, I’m not surprised they’re going under.
40
posted on
09/29/2011 6:40:03 PM PDT
by
fso301
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