East Coast Diner Chain Friendly's Has Filed for Bankruptcy

For the second time in less than 10 years.

By
Food & Beverage 
2,595 Hypes 3 Comments

East Coast diner chain Friendly’s has now filed for Chapter 11 bankruptcy protection.

According to reports from CNN, the 85-year-old restaurant chain most known for its “Fribble” milkshakes and sandwiches has filed for bankruptcy for the second time in less than a decade. In order to keep “nearly all” of its 130 locations open and to preserve jobs, the company will “sell substantially all of its assets” to a private hedge fund that currently owns other restaurant chains such as Red Mango and Souper Salad.

“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,” said the chain’s CEO George Michel. He continued saying that the new deal with the hedge fund will enable a “stronger business, with the leadership and resources needed to continue to invest in the business and serve loyal patrons.”

The second time in less than 10 years, Friendly’s previously filed for bankruptcy back in 2011, when the chain boasted more than 400 locations across the country.

In other business-related news, Apple shares slumped following a 21 percent decline in iPhone sales last quarter.

Read Full Article

What to Read Next

'Fortnite' Gets 4K-Ready for PlayStation 5 and Xbox Series X/S
Gaming

'Fortnite' Gets 4K-Ready for PlayStation 5 and Xbox Series X/S

Pushing 60 frames per second at the upgraded resolution.

New Balance's 992 "Gray" Receives Subtle U.S.A. Colors
Footwear

New Balance's 992 "Gray" Receives Subtle U.S.A. Colors

Three shades of gray make up the uppers.

Zenith's Latest Defy Model Gets a Complete Carbon Makeover
Watches

Zenith's Latest Defy Model Gets a Complete Carbon Makeover

Offering a full carbon bracelet — the first ever for any automatic watch.


Ares Design Pulls Back the Curtains on Roofless S1 Project Spyder
Automotive

Ares Design Pulls Back the Curtains on Roofless S1 Project Spyder

With deflectors that create a virtual “air canopy.”

OVO x ROOTS FW20 Collection Takes Us Back to the 1998 Nagano Winter Olympics
Fashion

OVO x ROOTS FW20 Collection Takes Us Back to the 1998 Nagano Winter Olympics

With a lookbook featuring Ross Rebagliati.

Pornhub Launches "Give a Fuck, Get a Fuck" Voting Campaign
Entertainment

Pornhub Launches "Give a Fuck, Get a Fuck" Voting Campaign

Reserving the site to users that have voted in the United States.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. By adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.