Friendly’s Restaurants Files For Chapter 11 Bankruptcy
You may not be able to find your Fishamajig anywhere in New England, let alone Connecticut, soon.
Most of the Friendly's Restaurants have disappeared from Connecticut over the past few years, as the company made bad business decisions one after the other. Now, they're in very real danger of permanently going away.
In an company announcement posted late last night, the parent company of New England family-dining icon, Friendly's Restaurants, FIC Restaurants, Inc., has announced that they've attempted to enter into Federal Chapter 11 Bankruptcy protection, in the hope that they will be selling all of their assets, which include 130 corporate-owned franchises, to a group of investors.
The good news in all of this cloud of seemingly bad news is that most of the Friendly's locations will remain open during the proceedings, and the bankruptcy protection will keep thousands of Friendly's employees at their jobs, for the time being, if approved.
FIC Restaurants has applied for Chapter 11 protection, as well as for the sale of its assets to Amici Partners Group LLC, which they, according to the the company announcement, hope to complete by mid-December 2020.
FIC Restaurants/Friendly's CEO George Michel is quoted, and he said:
We believe the voluntary bankruptcy filing and planned sale to a new, deeply experienced restaurant group will enable Friendly's to rebound from the pandemic as a stronger business, with the leadership and resources needed to continue to invest in the business and serve loyal patrons, as well as compete to win new customers over the long-term"
There are 11 Friendly's Restaurants left in Connecticut, the closest one to the Greater Danbury area currently is the one on Rubber Avenue in Naugatuck.