Friendly's Ice Cream Corp. is preparing for a possible Chapter 11 bankruptcy filing, according to the Wall Street Journal [subscription required].
The Massachusetts-based company owns more than 500 locations, including the . The parent company, Sun Capital Partners Inc., acquired the chain in 2007.
Friendly's is in talks with Wells Fargo for bankruptcy financing, which could keep the business in operation during bankruptcy proceedings. It is possible that the company would then sell itself in a bankruptcy auction.
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Friendly's was founded in 1935 by two young brothers. It began as an ice cream shop in Springfield, Mass. Today the restaurant employs some 10,000 people in its East Coast stores.
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