It’s all a smile for Friendly.
The occasional food chain has been saved from bankruptcy Amici Partners Group, which invests in the operation of restaurants. The investment company, which is affiliated with Brix Holdings, plans to keep Friendly’s corporate and franchised branches open.
Friendly filed for bankruptcy and announced a preliminary agreement with Amici in November. At the time, it was announced that the chain would sell for $ 2 million, but the parties did not disclose the final sale price.
“Amici Partners Group, LLC investors have been involved in the Friendly’s Restaurant brand over the years in many capacities, not only as owners / operators and leaders of the system, but also as long-term loyal customers of the iconic brand,” Craig Erlich, President and CEO Brix, he said in a statement.
This is not the first time the chain has faced unrest.
There were more than 500 Friendly branches in one location, but in 2011 the company filed for Chapter 11 bankruptcy protection and subsequently closed more than 60 restaurants. He went bankrupt in 2012 and was acquired by Dean Foods in 2016 for $ 155 million.
Similarly, in a pandemic, other restaurant chains filed for bankruptcy. Several investors rescued. It is noteworthy that Le Pain Quotidien was paid bankrupt by Aurify Brands and went on to reopen and reopen new places as a result.