Friendly's To Be Sold After Filing For Bankruptcy Again

BOSTON (CBS) – Friendly's is filing for bankruptcy again but this time it will be sold in an attempt to keep its restaurants open.

FIC Restaurants Inc., which operates Friendly's, announced Monday it will sell all of its assets to Amici Partners Group, LLC.

Both sides hope to have the deal completed in December.

FIC said "nearly all" of Friendly's 130 locations are "expected to remain open" and that the deal is "expected to preserve thousands of corporate-owned restaurant team member and franchisee jobs."

"Friendly's has sufficient cash on-hand to continue operations, meet its obligations to employees, franchisees and vendors, and ensure a seamless transition. Upon the sale closing, Amici expects to retain substantially all employees at Friendly's corporate-owned restaurant locations," FIC said in its statement.

"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," said George Michel, CEO of FIC Restaurants.

Friendly's, which is based in Wilbraham, filed for bankruptcy back in October 2011 and shut down 30 restaurants in Massachusetts at the time.

The Friendly's website currently lists 28 locations open in Massachusetts.