Friendly's sale to restaurant group finalized
Amici Partners Group, LLC, finalized its purchase of the restaurant chain
Friendly’s isn’t going anywhere.
The restaurant chain has finalized its sale to Amici Partners Group, LLC. The sale was originally announced in early November when Friendly’s stated that all of its corporate-owned and franchised locations were expected to remain open.
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FOX Business previously reported on Nov. 1 that Friendly’s Restaurants announced that it would be selling “substantially all of its assets” to Amici Partners Group, LLC. In order to facilitate the transaction, Friendly’s entered into voluntary Chapter 11 bankruptcy.
At the time, George Michel, CEO of FIC Restaurants, explained that the ongoing coronavirus pandemic had impacted the restaurants and caused a significant decline in revenue. The sale is now expected to help Friendly’s rebound from the pandemic.
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Michel also described Amici Partners Group as having “the leadership and resources needed to continue to invest in the business and serve loyal patrons, as well as compete to win new customers over the long-term.”
According to a press release from Friendly’s, Amici Partners Group has now completed the acquisition of the restaurant chain.
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Craig Erlich, president and CEO of Amici Partners, said, “The investors of Amici Partners Group, LLC have been involved with the Friendly's Restaurant brand in many capacities over the years, not only as owners/operators and leaders in the system but also as longtime loyal customers of this iconic brand. Based on our personal connection to the chain, strong investment capabilities, and seasoned management team, we believe we will be able to continue to reinvigorate this much-loved brand for both loyal patrons and new customers alike."