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Iconic Restaurant Chain Friendly’s Files for Bankruptcy

  • Ice cream eatery estimated debt of as much as $100 million
  • Chain operator had previously entered bankruptcy in 2011
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Friendly’s Restaurants LLC, an iconic chain on the East Coast of the U.S. known for its sundaes and “fribble” milkshakes, became the latest dining institution to go bankrupt amid the pandemic.

The company filed for Chapter 11 protection in Delaware late Sunday, according to court papers, and plans to sell itself for $2 million. It listed estimated liabilities of $50 million to $100 million, and estimated assets of $1 million to $10 million.