WILBRAHAM, Mass.–(Small business WIRE)–Nov 1, 2020–
FIC Dining places, Inc., the cafe firm running below the iconic brand title Friendly’s Dining establishments (“Friendly’s” or the “Company”), declared an settlement to provide considerably all of its property to Amici Partners Team, LLC (“Amici”), an entity comprised of seasoned restaurant investors and operators who have been included with some of the most nicely-identified QSR and informal eating chains for much more than 25 a long time. Amici is at this time affiliated with BRIX Holdings, a multi-brand name franchising organization with countrywide and intercontinental expertise in the restaurant business.
Virtually all of Friendly’s 130 corporate-owned and franchised cafe destinations are expected to stay open subject matter to COVID-19 constraints, and the transaction is predicted to protect hundreds of corporate-owned cafe team member and franchisee employment.
To aid an productive sale process, Friendly’s has filed voluntary petitions for reduction under chapter 11 of the United States Bankruptcy Code, as effectively as a movement trying to get approval of the sale to Amici and a chapter 11 strategy that contemplates payment of all authorized statements. Friendly’s has asked the Individual bankruptcy Court for a hearing in mid-December to approve the sale and confirm the chapter 11 plan, with the closing and plan using impact concurrently as shortly as possible thereafter.
Friendly’s has enough funds on-hand to carry on functions, fulfill its obligations to workforce, franchisees and suppliers, and ensure a seamless transition. Upon the sale closing, Amici expects to retain considerably all workers at Friendly’s company-owned restaurant spots.
“Over the last two a long time, Friendly’s has manufactured crucial strides toward reinvigorating our beloved manufacturer in the encounter of shifting demographics, amplified opposition, and rising fees,” stated George Michel, CEO of FIC Dining establishments. “We reached this by delivering menu innovation, re-energizing marketing and advertising, focusing on acquire-out, catering and 3rd-occasion supply, creating a superior general encounter for shoppers, and performing carefully with our franchisees and cafe teams. However, like many restaurant organizations, our progress was abruptly interrupted by the catastrophic impact of COVID-19, which caused a decrease in income as dine-in operations ceased for months and re-opened with constrained capacity.
“We think the voluntary personal bankruptcy submitting and planned sale to a new, deeply experienced cafe team will empower Friendly’s to rebound from the pandemic as a more powerful business enterprise, with the management and assets essential to proceed to invest in the organization and serve faithful patrons, as properly as contend to acquire new prospects in excess of the prolonged-term,” he additional. “Importantly, it is also predicted to preserve the jobs of Friendly’s restaurant staff customers, who are the coronary heart and soul of our enterprise and have been vital to the progress we have made in reworking this legendary brand.”
Womble Bond Dickinson LLP is serving as Friendly’s lawful counsel. Duff & Phelps is serving as investment decision banker, and Carl Marks Advisors as economical advisor.
Observe of all personal bankruptcy filings and rulings will be readily available on the docket of the United States Bankruptcy Court docket for the District of Delaware and on the internet site of the promises and noticing agent, Donlin Recano & Co., at: https://www.donlinrecano.com/friendlys. Supplemental info can be discovered by emailing [email protected] or by contacting 1-866-853-1834.
About FIC Restaurants, Inc.:
FIC Places to eat, Inc. is a cafe firm that operates less than the iconic manufacturer name “Friendly’s Restaurants”, which, for additional than 80 decades have delighted generations of company by serving signature sandwiches, burgers and ice cream desserts. For additional information remember to check out www.friendlysrestaurants.com.
About Amici Companions Group, LLC:
Amici Companions Group, LLC is an skilled investor group with a national and global franchisor track record specializing in the cafe marketplace. Amici is an entity affiliated with BRIX Holdings, which focuses on manufacturers that are equally desirable to the solitary-unit and multi-device proprietor/operator franchisee and have the prospective to develop into countrywide and intercontinental award-winning chains. The recent BRIX Holdings franchise portfolio contains Pink Mango® Yogurt Café Smoothie & Juice Bar, Smoothie Factory® Juice Bar, RedBrick Pizza® Kitchen Cafe and Souper Salad® chains.
Call: Hannah Arnold or Marie Espinel
Search term: MASSACHUSETTS UNITED STATES NORTH The us
Market Key word: RETAIL Cafe/BAR Foodstuff/BEVERAGE
Resource: FIC Eating places, Inc.
Copyright Business enterprise Wire 2020.
PUB: 11/01/2020 11:27 PM/DISC: 11/01/2020 11:27 PM
Copyright Business enterprise Wire 2020.