MWW Group is handling today’s bankruptcy of the Friendly’s ice cream parlor chain, which has lined up $70M in financing to revamp operations.
Harsha Agadi, Friendly's CEO, expects Chapter 11 will "quickly improve our financial position and ensure we have the resources to build a better and stronger Friendly's.”
The chain’s comeback plan calls for the shutdown of 63 restaurants, leaving 424 units in the eastern part of the U.S.
Friendly’s, which opened in 1935 during the height of the Great Depression, fell victim to the slow recovery aftermath of the Great Recession and changing consumer tastes.
The founding Blake brothers unveiled the first Friendly’s shop in Springfield, Mass. It offered double dip cones for five cents and friendly service to all.
Friendly’s is owned by Sun Capital, which yesterday announced the reorganization of its Real Mex Restaurants (Chevy’s sit down casual fare) chain.
Stanton PR & Marketing represents Sun Capital.