Friendly’s Chapter 11

January 10, 2012 by staff 

Friendly’s Chapter 11, Just over three months after filing for Chapter 11 bankruptcy, Friendly’s has announced that it has completed its restructuring.

In a statement to abc40, Friendly’s has sold the business, which includes the restaurants and its ice cream products, to Friendly’s Ice Cream LLC.

Friendly’s Ice Cream LLC is the new name for Sundae Holdings LLC, which is a subsidiary of Sun Capital Partners.

Friendly’s Chairman and CEO Harsha Agadi says, “The completion of our financial and operational restructuring in just over three months is a significant accomplishment.”

“It is a testament to the hard work and dedication of our employees as well as the ongoing support of our restaurant guests, franchisees, retail customers and vendors,” adds Agadi.

The company filed for Chapter 11 in October 2011. Since then, the company worked to turnaround the 76 year old Wilbraham-based firm. They worked to improve “customer satisfaction and speed of service”, enhance their menu offerings, as well as furthering their partnerships with new and existing franchises and expanding their retail business.

However, the restructuring also necessitated the closure of 100 restaurants including nine in western Massachusetts.

Agadi says, “We regret that this decision [to close the restaurants] has become necessary, and we appreciate the hard work and dedication of the Friendly’s employees at each of the affected locations.” He notes that the company intends to “accommodate as many as possible from closed locations” where possible.

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