Business & Tech
Report: Friendly's Preparing to File for Bankruptcy
Friendly's is the latest restaurant chain to be affected by the economic downturn.
is on the verge of filing for Chapter 11 bankruptcy protection, according to a report from the Wall Street Journal.
The Journal reports that a filing could take place as early as next week.
Friendly's has deep roots in north central Connecticut since locals Curtis and Prestley Blake started opening the restaurants in 1935.
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It is now owned by Sun Capital Partners, a private investment firm.
Chapter 11 permits a business to remain operational while a financial restructuring takes place and Friendly's reportedly will keep several hundred restaurants open during the process.
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