Massachusetts-based Friendly's restaurant chain has filed for bankruptcy after the coronavirus pandemic brought on hardship for various locations.
The restaurant chain, famous for its ice cream, announced on Sunday that they had plans to sell itself to restaurant investment firm Amici Partners Group for roughly $2 million, the New York Post reports.
And while they have filed for bankruptcy, the chain expects that all 130 locations will remain open through the process. The company also plans to keep all 1,700 employees on the job.
Friendly's had previously been working on a revitalization plan, closing unprofitable locations, sprucing up the menu, and focusing on takeout and delivery. The two-year plan came to a pause when the pandemic hit.
"Unfortunately, like many restaurant businesses, our progress was suddenly interrupted by the catastrophic impact of COVID-19, which caused a decline in revenue as dine-in operations ceased for months and re-opened with limited occupancy," Friendly's CEO George Michel said in a statement.
According to a news release, Friendly's hopes to go to court in mid-December for a hearing on the sale.
Friendly's joins other restaurant chains that have filed for bankruptcy amid the coronavirus pandemic, including Ruby Tuesday, Chuck E. Cheese, and Sizzler steakhouses.
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