The Wall Street Journal reported Thursday that the restaurant chain Friendly's has filed for Chapter 11 bankruptcy protection.
The Journal reported:
In a struggle familiar to many restaurant chains, the Wilbraham, Mass., restaurant chain has seen sales crimped as fewer people dine out, just as rising prices for corn, butter and other ingredients drained its cash.
According to a previous report, Friendly's currently carries more than $250 million in debt and is in talks with Wells Fargo & Co. Friendly's said it has closed 63 underperforming restaurants as part of an effort to trim costs and will keep 424 restaurants open for business during the restructuring, according to the Journal.
Friendly Ice Cream Corp. employs 10,000 people and operates more than 500 restaurants across the country including one on Merrick Road in Bellmore.