Friendly Ice Cream exits bankruptcy
Friendly Ice Cream Corp, the parent company of the Friendly's restaurant and ice cream parlor chain, has announced that it has emerged from bankruptcy.
The company, which also distributes ice cream products across the US, said it is exiting Chapter 11 bankruptcy court protection three months after seeking it, the Associated Press reported.
According to the company, it has shut down 37 Friendly's restaurants after it was unable to renegotiate new leases during restructuring. This move will leave Friendly's with 380 restaurants and 8,000 employees, down from 424 restaurants and 9,000 employees in October, when it entered Chapter 11.
As a part of the restructuring, Friendly Ice Cream and its subsidiaries were acquired by Friendly's Ice Cream , which will now manage the operations of the company.
Friendly's said it has given its menu an overhaul and expanded its retail business during the restructuring at the United States Bankruptcy Court for the District of Delaware.
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