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Friendly's Unhappy Ending

After a rough day in the 'burbs, nothing turns that frown upside down faster than a Turkey Club SuperMelt® sandwich at Friendly's, followed by one of their signature "Happy Endings." But in today's economy, nobody can afford to end happily at Friendly's, and the long-running restaurant/ice cream chain is in deep trouble. Like the rest of America, Friendly's is drowning in debt.

The company could file for Chapter 11 bankruptcy as early as next week, the Wall Street Journal reports (paywall). Friendly's, which was acquired by investment firm Sun Capital Partners (they own Boston Market) in 2007 for $337.2 million, already owes $30 million to Wells Fargo. Now, like a clumsy child who drops his ice cream cone in the parking lot, Friendly's is crying for more: The company wants another $70 million in financing to stay afloat... so it can go bankrupt and get sold to somebody else.

All told, Friendly's carries more than $250 million in debt. The moribund economy coupled with rising food costs have reportedly cost the company dearly, and not even a new High 5 menu—featuring the restaurant’s five most popular items for just $5—seems to be enough to bring it back from the brink. In a way, things are coming full circle: S. Prestley Blake and his brother Curtis opened the first Friendly's in Springfield Massachusetts during the Great Depression. Now the Great Recession is dragging them under.

Blake, now 96, no longer has a stake in the company (which has not confirmed it's filing for bankruptcy). But reached for comment, Blake tells MassLive.com, "They have so much debt, I don’t know how they thought they would carry all that debt." Friendly's now employs 10,000 people, down from 12,000 two years go. It has 500 locations nationwide, including one on Staten Island, just in case this news has you craving one of their magnificent Reeses Pieces Peanut Butter Cup Sundaes. Sure, it's high in calories, but you can easily work those off with a robust fight on the ferry home.

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Comments [rss]

  • i recently just quit working at friendlys in nj and i have to say the place was extremely dirty. and your waitor and waitress make the salads for you and half the time no one wears gloves to make the salad. one time a guy found a dead fly in his loaded waffle fries as a starter and then he found another dead fly in his salad. and of course it was my table that i was waiting on and he was extremely upset. alot of the side dishes are not even fresh their microwaved, its kinda sad. before i worked there i absolutely loved friendlys but after seeing how dirty their kitchen was and how old alot of their food was i can't eat there anymore and its a shame.

  • JacksBack72

    First KODAK- and now FRIENDLY'S. . .  Geez- The present administration with policies like OBAMACARE; and regulation like those in the Dodd-Frank legislation. . .  not to mention the growing lack of the public's confidence in the ability of  the U.S. Government. . . to actually govern effectively!
    Geez- to paraphrase former President Bush- "You're doing a hellava-job. . ."

  • heyhohey

    Obamacare hasn't even gone into effect yet. And yeah, 'cause Obama is a magician that can within 3 years, magically fix the 8 years worth of damage that Bush did that we're now left with. Sure. 

  • JacksBack72

    IT's just a matter of economics, MS. Taco. . . No savvy businessperson is going to hire anyone WITHOUT a potential for the need- and WITH such a severe unknown cost factor as is in the wings with OBAMACARE!
    So what is it with these foolish Democrat Do-Good-ers?!
    Carter with his Community Reconstruction Act which laid the groundwork for the housing crises 30-years in the making;
    LBJ with his 'Great Society' Medicare and Medicaid which put America on the hook for unsustainable welfare. . . and yes, Bush was no bargain when he put the last nail in America's economic coffin when he signed the Prescription Drug addendum to Medicare.
    and then came Obama-Jerk- a Chicago thug politician who wasted away 2-years by heavy-handedly ramming through legislation through a Democrat-controlled Congress WITHOUT ONE Republican vote!! And in the bargain; TRIPLES the deficit and runs the country WITHOUT a budget for those 2-years!! So what does that tell you?!?Obama should take his Obamacare card and visit a good Proctologist as soon as possible- because this stupid Democrat legislation will be stuck down by the Supreme Court and/or the incoming Republican President! (BTW Ms. TacoTown- how's that smelly Taco of your's?)

  • heyhohey

    All politicians are scum, with the exception of very few, and none of those few happen to be republicans. Democrats can suck it too 99.5% of the time.
    And really? You're going to accuse me of having a smelly taco? Oh wait, "Taco" with a capital T. And MS. all capital? If you talk to women like that I really doubt you've seen any tacos in a very long while.

    P.S. I highly doubt Friendly's closing has anything to do with politicians, Obama or even the current economy. It's been poorly managed for years and hasn't adapted to current tastes/food trends. They haven't remodeled in well over a decade and the menu is pretty much the same as it was when I was 3, so it's not surprising that they are folding, it's unfortunate they didn't know how to adapt to the current restaurant culture/industry.

  • plattworx

    This news is not shocking. How many times has Friendly's been sold? Tried to reinvent itself? Changed management? I was in one last week for the first time in years. Food and service were decent.. the lighting was harsh, the entire place needed a cleaning and there were spots of ketchup on the wallpaper next to our booth. Also, why go to Friendly's when you can buy their ice cream cartons, rolls and cakes in every supermarket? MASSIVE changes have to occur... too many people think of the place as having bad food, poor service and needing a scrubbing no matter how hard they try and fix it.

  • Guest

    Good.  Friendly's is awful.  Every one I've been to looks like someone would jerk you off after your meal.  Friendly's stinks.  Go to a local establishment.  

  • heyhohey

    NOOOO!!! Friendly's was my favorite as a kid/teen/young adult. I'm sad to see it go even though I can't eat anything on the menu at all anymore. Too bad they couldn't evolve with the times. And this a local establishment in Mass. At least even the locations here it's still regional, it's not a huge national chain. (and by evolve with the times I mostly mean adding items to the menu that would appeal to someone with a healthier diet)

  • eyekantspel

    Next up on the endangered list:  Kodak. 

  • We don't need this artery-clogging crap anymore.  That's why they went downhill. 

  • estragon_nyc

    I see a lot of fond childhood memories of Friendly's.  It's the same with me -- I remember them from the Seventies.  Unfortunately, the few times I visited them in THIS century, they fell far short of their former high standards.  I don't think the chain did itself any favors by letting the quality of food and service slide.  People would overlook price rises if they really felt like they were stepping back into something happy from the past when they walked into a Friendly's.

  • I've only been to Friendly's once, when I was in the 7th grade.  Some of the kids from my class asked me to go to the mall, and while we were at the mall someone suggested we go to Friendly's.  While I was just about finished eating, one of the other guys said he was going to the bathroom,  when he came back he said he needed to show me something, so I followed him.  As we were walking from the table, his head was on a swivel.  At first I thought he was leading me to the men's room, but no....at the last second he grabs me and pulls me out the front door.  A few seconds later the other two come tearing out yelling, "RUN!".   The others intended to "dine and ditch" from the start.  I only found out about it when I was running through the parking lot hoping that mall security hadn't called the police. That was the first and last time I've been to a Friendly's.  Even after all these years, I'm embarrassed every time I see a Friendly's.  The experience taught me two valuable lessons: 1) Be careful when picking friends.2) I'm not a sociopath.

  • Da Gooch

    Friendly's was one of the special places my folks would take my brother and I to growing up in the 80s and early 90s in Brooklyn (the Green Acres Mall location).  Once we moved to the Bronx, the locations in Westchester became our new favorites.  I still go every once in a while now.  I've always liked their food.  And the ice cream?? Yes please!  I really hope they don't close, but if they do, I will go one last time.

  • FU Boy

    Road trip time for my old favorite, the cheddar jack supermelt!

  • randomtransplant

    NOBODY tell this to my grandma! I don't think she's been since she gave up driving & stopped eating sweets, but I don't think her heart could take the sad news...Jesus. I gotta get someone to take her before its too late...

  • ab_bklyn

    I have such fond memories of Friendly's from childhood (I grew up in far upstate NY - north of Albany).  A few years ago my husband and I went to eat there in my hometown (his first time to a Friendly's), and we could barely hold back a snicker when they offered us a "free Happy Ending" with any lunch entree. He was disappointed to find out that it was a sundae.

    I never understood why they didn't open here in Manhattan though, I think they'd do well here. Happy Endings and all.

  • Mr. Know-It-All

    I grew up in Springfield, MA in the 60s and 70s when Friendly's was still a local ice cream parlor and sandwich shop. The Forest Park location had murals depicting local landmarks painted by a local artist. They made the best cheese burger--basically a grilled cheese sandwich with a hamburger patty--still the way I like them. They were one of the few makers of peppermint stick ice cream, which makes an amazing hot fudge sunday. S. Prestley Blake was prominent in civic life and a great supporter of the Springfield Symphony Orchestra. It's a damned shame what's become of Friendly's. It makes me sad.

  • drew_o

    Farewell Friendly's Fribbles.

  • AGWAGW

    Where is the federal bailout when you really need one?

  • I really loved the fried clam strips.

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