PORTLAND, Maine — Friendly’s restauraunts in Freeport, Ellsworth and Lewiston have closed ahead of the company’s Chapter 11 filing for bankruptcy protection.
In total, the company closed 63 restauraunts ahead of the announcement. Each employed about 20 people.
The 76-year-old company known for its ice cream and hamburgers says the economic downturn coupled with higher costs and high rents drove it to file for bankruptcy protection.
Friendly Ice Cream Corp., based in Wilbraham, Mass., says it has secured $70 million in financing and that its 424 remaining restaurants will stay open as it reorganizes under bankruptcy protection. Gift cards will continue to be honored.