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 ...
Darn it.....now I am going to have to go have one last fishamig.
I could use a Fribble right about now...
Prestley Blake and Curtis Blake who started the first one in 1935.
I loved them when I lived in Cleve..their cheeseburger on toast was AWESOME!
Who can afford to eat out these days?
I’m in the Lehigh Valley, and we have 2 Friendly’s around here.
I’d love to see a list of big name businesses that went down the tubes during the Kenyan’s short 3 year reign.
We still have two in the area but they are not worth patronizing.
They are both poorly run and dirty. and the food quality is jusy awful.
It’s a shame, because they used to be sooo good.
Is the one out by the mall still open? That and the one on Lehigh Street were the only ones I know of around here and the Lehigh Street one has been closed for a while.
ML/NJ
Friendly’s made watermelon sherbet. I don’t like fast food places. But this one thing says WOW. If you ever tasted their watermelon sherbet, it tastes just like real watermelon!!!
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, so Friendly’s is off my list. Even McDonald’s has healthy options these days, so i’m surprised Friendly’s stayed so narrowly focused.
Do GM and Chrysler count?
ML/NJ
The Friendly’s in my area are fine. It’s a good place to take little kids because the place is full of families. Nobody notices if little ones talk out loud.
There is one in Palmer Twp. (Easton) and one by Airport Rd. I think the one by the LV Mall is still open.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.