Report: Bankruptcy Filing Looming For Friendly's

The Wall Street Journal is reporting that the Friendly's restaurant chain, employing an estimated 10,000 people, may be preparing for a possible  Chapter 11 bankruptcy filing and potential sale.

The casual dining and ice cream chain, founded in 1935, will apparently file for Chapter 11 protection as early as next week, the journal reports.

The Friendly's restaurant chain operates more than 500 restaurants, including one restaurant in Foxborough. 

A lean economic situation in the United States, causing many consumers to eat out less and the rising cost of food, is contributing to other high-profile restaurant chain bankruptcy filings in the recent months.

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