Business & Tech
Friendly’s Files for Bankruptcy, Foxborough Location to Close
30 Friendly's Massachusetts locations will close as the casual restaurant chain files for bankruptcy Wednesday.
Friendly Ice Cream Corp. has filed for bankruptcy and will close 63 of its 487 restaurants, including the located at 70 Central Street.
"Its sad news," said Foxborough resident Maria Walker. "I have so many memories growing up and going to eat there. Its sad for the employees and a major reality check that the economy is not getting any better."
The casual dining and ice cream chain, founded in 1935, will close 30 of its under-performing restaurants in Massachusetts, the Boston Herald reports.
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A lean economic situation in the United States, causing many consumers to eat out less and the rising cost of food, is contributing to other high-profile restaurant chain bankruptcy filings in the recent months.
According to the Boston Herald, Friendly's has secured approximately $70 million in "so-called debtor-in-possession financing" to aid in keeping the business afloat during the Chapter 11 reorganization.
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Other Friendly’s restaurant closings in Massachusetts include Attleboro, Bridgewater, Brockton, Dedham, Medfield, Needham, and Stoughton.
For a complete list of Massachusetts closings and more on this story, click here.
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