Friendly’s Restaurant Files for Bankruptcy, Ready to Be Sold

The future for Friendly’s was looking bleak when its final location in Rhode Island closed its doors last year, but it looks like the SouthCoast locations are holding on as the popular chain files for bankruptcy and prepares to sell the business.

Growing up in Rhode Island, I had my fair share of grilled cheese sandwiches and ice cream sundaes at the local Friendly’s. Just the sight of the Friendly’s sign would make my mouth water in anticipation. I was sad to see the restaurant fold in the Ocean State, and I felt like it was only a matter of time before the Massachusetts locations would have to do the same – but it turns out that Friendly’s may get a second chance.

According to a news release from FIC Restaurants, Inc., Friendly’s will be selling all of its assets to Amici Partners Group, LLC.

“To facilitate an efficient sale process,” the release reads, “Friendly’s has filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code, as well as a motion seeking approval of the sale to Amici and a chapter 11 plan that contemplates payment of all allowed claims.”

FIC acknowledges that COVID-19 was a large factor in the decrease in revenue, but stated that nearly all locations will remain open as the company is being sold to Amici. And here is even more good news: the sale does not affect their very popular ice cream manufacturing business.

Thanks to a new business owner, it sounds like Friendly’s will live to see another day at its remaining locations on the SouthCoast.