Pandemic's 'Catastrophic Impact' Drives Friendly's Into Chapter 11
- 3 years ago
As the restaurant industry continues to struggle, the pandemic has claimed Friendly's as its latest victim.
Business Insider reports Friendly's filed for chapter 11 bankruptcy on Sunday.
Friendly's CEO George Michel said the pandemic has had a 'catastrophic impact' on the restaurant chain.
Unfortunately, like many restaurant businesses, our progress was suddenly interrupted by the catastrophic impact of COVID-19. Friendly's CEO George Michel
The chain simultaneously announced it had reached an agreement to be acquired for nearly $2 million by the parent company of Red Mango and Smoothie Factory.
Business Insider reports Friendly's filed for chapter 11 bankruptcy on Sunday.
Friendly's CEO George Michel said the pandemic has had a 'catastrophic impact' on the restaurant chain.
Unfortunately, like many restaurant businesses, our progress was suddenly interrupted by the catastrophic impact of COVID-19. Friendly's CEO George Michel
The chain simultaneously announced it had reached an agreement to be acquired for nearly $2 million by the parent company of Red Mango and Smoothie Factory.