Friendly's files for bankruptcy, citing 'catastrophic impact of COVID-19'

Source: The Hill | November 2, 2020 | Zack Budryk

Friendly’s will file for Chapter 11 bankruptcy due to the “catastrophic impact” of the coronavirus pandemic, although it projects the majority of its locations will stay open.

The restaurant’s parent company, FIC Restaurants, will sell its assets to restaurant investment group Amici Partners Group, FIC said in a statement Monday.

“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,” CEO George Michel said in a statement.

The company projected the new ownership would retain “substantially all employees” at corporate-owned locations.

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