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 ...
YES! That was my first thought :-)
Watermelon sherbet - yeah. They created something really special.
So sad. They were part of my college days. However, when I went back on my most recent reunion, the food quality had declined substantially. So I’m not surprised.
Never was a Friendly’s fan. To many other great places to eat. Now if Penaro Bread closes I will be upset! I love that place.
A local BBQ/burger place in SC where my folks live makes a thing called the Big Guy and is good but they have cut their days to Th-Su. It used to be fairly packed but even on some weekends, it is near dead.
If any of you are ever in the small town of Clover, SC just outside of Charlotte, try Courtney’s BBQ. I get a big guy when my weekend visits.
Are nyou still in Italy?
Are you still in Italy?
Waitressing at Friendly’s was my very first job ever. This news makes me sad.
It is sad.
Originally called the "Awful Awful", believe it or not. It was awful good and awful big.
There’s one at the intersection of 202 and rte 1 in Chester County.
One of the better chains.
So is Wells converting $45 million in pre-petition debt into post petition debt while the other creditors get hung out to dry? Can’t really tell from this story.
Years ago Friendly’s used to be one of my fave places for a nice quick reasonable meal/treat. There were 2 Friendly’s in York, PA. They have both been closed and gone now for a number of years. In both cases it was lousey management that caused their failure. Some of the last times I visited either, the non-carpeted areas were so coated with grease that you could skate on them, and the whole place just SMELLED DIRTY! There is one remaining on the York By-pass that is merely O.K. Not real shiney!
The other close one to me now is on Carlisle Pike near Mechanicsburg, and the last time I stopped there it seemed to be headed in the exact same direction. Dirty and stinky! Discerning customers will NOT put up with that kind of stuff!
When they started using soft serv in Fribbles they started going downhill.
What a shame.
Great ice cream but usually slow, horrible service.
Used to be a Friendly’s in Altamonte Springs, FL but it closed just last year. I think there’s still two left here, one across the street from the UCF campus and one on International Drive in Orlando, FL.
Used to go there all the time back in high school, it was the Friendly’s at bishops corner in west hartford... Wish they had them in Texas :-)
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