Friendly's Being Sold After Filing For Bankruptcy Again

WILBRAHAM, MA — A new era at Friendly's could soon begin — one that fans of the New England staple hope hearkens back to its nostalgic glory days.

The parent company of the family-friendly restaurant chain known for its ice cream sundaes announced Monday morning it filed for Chapter 11 bankruptcy and will sell its assets to Amici Partners Group.

Friendly Ice Cream Corporation, based in Wilbraham in western Massachusetts, said almost all the 130 active Friendly's locations will remain open and thousands of jobs will be preserved by the sale.

Both sides are hoping for the sale to be complete in December.

Friendly's had been struggling since before the pandemic, closing hundreds of restaurants over the last decade and filing for bankruptcy in 2011. The chain had rebounded over the past two years, but COVID-19 restrictions became too much to overcome, the company said.

"Unfortunately, like many restaurant businesses, our progress was suddenly interrupted by the catastrophic impact of COVID-19, which caused a decline in revenue as dine-in operations ceased for months and re-opened with limited capacity," Friendly's CEO George Michel said.

It could be the second local mainstay to be sold this fall. The parent company of Dunkin' recently agreed to a sale to Inspire Brands for $11.3 billion.