A regional chain of restaurants and ice cream shops that declared bankruptcy earlier in the decade has filed for bankruptcy again, and once again, the company will be sold.
According to a message sent from Patrick Maguire of Maguire Promotions & Hospitality Consulting, Friendly's declared bankruptcy over the weekend, with an article from the Restaurant Business site saying that an agreement is in place for it to be sold to Amici Partners Group for a bit under $2 million, and as a part of the deal, Friendly's lenders will waive nearly $88 million in secured debt. The Friendly's chain, which put itself up for sale last year, says that "nearly all" of its 130 locations hope to remain open.
In the fall of 2011, the Wilbraham-based Friendly's filed for bankruptcy and was subsequently purchased by Sun Capital; the company emerged from bankruptcy in early 2012.
Amici is affiliated with Brix Holdings, which operates such brands as Greenz, Redbrick Pizza, Red Mango, Smoothie Factory, and Souper Salad.
[January 22, 2021 update: A source tells us (via the Boston Business Journal) that the sale of Friendly's to Amici Partners Group has been completed and that all locations are expected to remain in operation.]
by Marc Hurwitz (Also follow us on Twitter at @hiddenboston)[A related post from our sister site (Boston's Hidden Restaurants): List of Restaurant Closings and Openings in the Boston Area]
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