Friendly’s saved from bankruptcy, preserving 130 locations
It’s all smiles for Friendly’s.
The casual dining chain has been saved from bankruptcy by Amici Partners Group, which invests in and runs eateries. The investment firm, which is affiliated with Brix Holdings, plans to keep 130 corporate-owned and franchised Friendly’s locations open.
Friendly’s filed for bankruptcy and announced a tentative deal with Amici in November. At the time, it was reported that the chain would sell for $2 million, but the parties didn’t disclose a final sale price.
“The investors of Amici Partners Group, LLC have been involved with the Friendly’s Restaurant brand in many capacities over the years, not only as owners/operators and leaders in the system, but also as longtime loyal customers of this iconic brand,” Craig Erlich, Brix president and CEO, said in a statement.
This isn’t the first time that the chain has faced turmoil.
At one point there were more than 500 Friendly’s locations, but the company filed for Chapter 11 bankruptcy protection in 2011 and subsequently closed more than 60 restaurants. It exited bankruptcy in 2012 and was acquired by Dean Foods in 2016 for $155 million.
Other restaurant chains have similarly filed for bankruptcy during the pandemic, with a few being rescued by investors. Notably, Le Pain Quotidien was bought out of bankruptcy by Aurify Brands and continued to reopen eateries and open new locations as a result.
ABOUT TRIPLE NET BROKERS
TRIPLE NET Brokers is a full service real estate brokerage firm specializing in single tenant net lease assets throughout the country. The Invest Commercial team provides a broad range of investment advisory services to our clients.
Net Leased Transactions
1031 Tax Deferred Exchanges
Market Analysis Sale Leaseback Transactions
High Net Worth Individuals Institutions & Private Equity Firms Real Estate Investment Trusts
Local & National Developers