Friendly's Restaurants to File for Bankruptcy

Restaurant chain Friendly's is planning to file for Chapter 11 bankruptcy protection and seek a possible buyer, The Wall Street Journal reported Thursday, citing people close to the matter.

The chain, which has about 10,000 employees and 500 restaurants, could file as early as next week, according to The Journal. Friendly's, which was acquired by Sun Capital Partners Inc. in 2007, is in talks for $70 million in debtor-in-possession financing with Wells Fargo & Co., The Journal reported.