Friendly's is a restaurant chain on the

East Coast East Coast may refer to: Entertainment * East Coast hip hop, a subgenre of hip hop * East Coast (ASAP Ferg song), "East Coast" (ASAP Ferg song), 2017 * East Coast (Saves the Day song), "East Coast" (Saves the Day song), 2004 * East Coast FM, a ra ...

of the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. Friendly's was founded in 1935 in

Springfield, Massachusetts Springfield is a city in the Commonwealth of Massachusetts, United States, and the seat of Hampden County. Springfield sits on the eastern bank of the Connecticut River near its confluence with three rivers: the western Westfield River, the ...

, by the brothers

S. Prestley Blake Stewart Prestley Blake (November 26, 1914 – February 11, 2021) was an American restaurateur. He was a co-founder of the Friendly Ice Cream Corporation (known more commonly as "Friendly's"). Early life Blake was born in Jersey City, New Jers ...

and

Curtis Blake Curtis Livingston Blake (April 15, 1917 – May 24, 2019) was an American businessman and philanthropist. Biography Born in Jersey City, New Jersey, to Herbert Prestley Blake and Ethel Stewart Blake, Curtis and his elder brother, Stewart P ...

. It has 10,000 employees; George Michel is the

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

. It offers

diner A diner is a small, inexpensive restaurant found across the United States, as well as in Canada and parts of Western Europe. Diners offer a wide range of foods, mostly American cuisine, a casual atmosphere, and, characteristically, a com ...

-style cuisine and highlights its 22 ice cream flavors; many locations offer an ice-cream only take-out window alongside of the table service option. A total of 126 Friendly's are spread across

Connecticut Connecticut () is the southernmost state in the New England region of the Northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, New York to the west, and Long Island Sound to the south. Its cap ...

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

Maine Maine () is a state in the New England and Northeastern regions of the United States. It borders New Hampshire to the west, the Gulf of Maine to the southeast, and the Canadian provinces of New Brunswick and Quebec to the northeast and north ...

Maryland Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...

Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...

New Hampshire New Hampshire is a U.S. state, state in the New England region of the northeastern United States. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Gulf of Maine to the east, and the Canadian province of Quebec t ...

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

Pennsylvania Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...

and

South Carolina )''Animis opibusque parati'' ( for, , Latin, Prepared in mind and resources, links=no) , anthem = " Carolina";" South Carolina On My Mind" , Former = Province of South Carolina , seat = Columbia , LargestCity = Charleston , LargestMetro = ...

History

Friendly's was founded in 1935, at the height of the Great Depression, by brothers Prestley and Curtis Blake in

. The Blake brothers opened a small ice cream

shop Shop or shopping refers to: Business and commerce * A casual word for a commercial establishment or for a place of business * Machine shop, a workshop for machining *"In the shop", referring to a car being at an automotive repair shop *A wood s ...

named "Friendly", selling double-dip cones for 5 cents each. In 1940, a second Friendly in West Springfield was opened with an expanded food menu. During

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...

, the Blakes closed the business until the war's end. By 1951, 10 Friendlys were operating in Connecticut and western Massachusetts. The expansion of the company led to the move of headquarters from Springfield to Wilbraham in 1960. By 1974 the chain had grown to 500 restaurants in the Mid-Atlantic, Northeast, and Midwest. That year, a food processing and distribution plant opened in

Troy, Ohio Troy is a city in and the county seat of Miami County, Ohio, Miami County, Ohio, United States, located north of Dayton, Ohio, Dayton. The population was 26,305 at the 2020 United States census, 2020 census, making it the largest city in Miami Cou ...

In 1979, the Blake brothers retired and sold Friendly to

Hershey Foods Corporation The Hershey Company, commonly known as Hershey's, is an American multinational company and one of the largest chocolate manufacturers in the world. It also manufactures baked products, such as cookies and cakes, and sells beverages like milksh ...

, which operated the chain as a

wholly owned subsidiary A subsidiary, subsidiary company or daughter company is a company (law), company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company ...

. In 1988,

Donald N. Smith Donald Nickerson Smith (born 1940) is a restaurant executive for McDonald's, Burger King and other fast food franchise restaurants in the latter half of the 20th century. Smith was Senior Executive Vice President and COO of McDonald's Corporati ...

purchased Friendly from the Hershey corporation, with Friendly becoming part of Tennessee Foods. In 1989, Smith added the '''s'' to Friendly, making its colloquial name official. FriendlysMap2

In 1997, Friendly Ice Cream Corporation debuted on the

NASDAQ The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

stock exchange under the symbol FRND. The stock began at $18 per share, peaking at $26. Around then, 34 stores were sold to DavCo Restaurants, which planned 100 openings in the next 10 years. Despite DavCo's efforts, Friendly's stock price fell to $5. Also in 1997, Friendly's exited the

Pittsburgh Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

market after an unsuccessful few-year stint, closing all six restaurants, which were sold and converted to Bob Evans by the spring of 1998. In 1998, Kim Andereck was brought in as vice president of franchise development and became instrumental in creating an aggressive franchise program for the chain, which had been company-owned. Now, about 50% of its restaurants are franchise-owned. In summer 2000, Friendly's switched to the

American Stock Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known ...

; symbol FRN. In June 2007, Friendly's appointed president and CEO George Condos; that summer it was bought for $337 million by the private investment firm Sun Capital Partners, Inc. In December 2008, Ned R. Lidvall was appointed president and CEO. On August 5, 2009, the first Friendly's Express opened in

Mansfield, Massachusetts Mansfield is a town in Bristol County, Massachusetts, United States. As of the United States 2020 Census, the town population is 23,860. Mansfield is in the south-southwest suburbs of Boston and is also close to Providence, Rhode Island. The vill ...

, with three in 2010: April 28 at

Coolidge Corner Coolidge Corner is a neighborhood of Brookline, Massachusetts, centered on the intersection of Beacon Street and Harvard Street. The neighborhood takes its name from the Coolidge & Brother general store that opened in 1857 at that intersecti ...

Brookline Brookline may refer to: Places in the United States * Brookline, Massachusetts, a town near Boston * Brookline, Missouri * Brookline, New Hampshire * Brookline (Pittsburgh), a neighborhood in Pittsburgh, Pennsylvania * Brookline, Vermont See ...

, July 7 in Wareham, and September 28 in Methuen. On February 10, 2012, Harsha V. Agadi stepped down as chief executive officer. Agadi invested his own money in the company and remains on the board of directors. On April 12, 2012, Friendly's announced that John M. Maguire had been named chief executive officer of the company. On November 25, 2014, it was announced that all 14 of the Friendly's locations in

Ohio Ohio () is a state in the Midwestern region of the United States. Of the fifty U.S. states, it is the 34th-largest by area, and with a population of nearly 11.8 million, is the seventh-most populous and tenth-most densely populated. The sta ...

would be closed. On June 20, 2016,

Dean Foods Dean Foods was an American food and beverage company and the largest dairy company in the United States. Headquartered in Dallas, Texas, the company maintained plants and distributors in the United States. Dean Foods had 66 manufacturing faciliti ...

announced the acquisition of Friendly's Ice Cream for $155 million. This did not change the ownership of the restaurants, as

Sun Capital Partners Sun Capital Partners, Inc., is an American private equity firm specializing in leveraged buyouts. Sun Capital was founded in 1995 by Marc J. Leder and Rodger Krouse, former classmates at the Wharton School of the University of Pennsylvania and ...

continues to run the currently existing locations. In early 2018, Friendly's opened a new "prototype" restaurant at the Apex Center in

Marlborough, Massachusetts Marlborough is a city in Middlesex County, Massachusetts, United States. The population was 41,793 at the 2020 census. Marlborough became a prosperous industrial town in the 19th century and made the transition to high technology industry in the ...

, to test delivery, catering, online ordering and a revised menu. Friendly's abruptly closed most of their locations in

upstate New York Upstate New York is a geographic region consisting of the area of New York State that lies north and northwest of the New York City metropolitan area. Although the precise boundary is debated, Upstate New York excludes New York City and Long Is ...

on April 7, 2019. Several locations in

New England New England is a region comprising six states in the Northeastern United States: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. It is bordered by the state of New York to the west and by the Canadian provinces ...

were also among the closures. Co-founder Curtis Blake died on May 24, 2019, at the age of 102. On August 19, 2019, Friendly's closed its

North Providence North Providence is a New England town, town in Providence County, Rhode Island, Providence County, Rhode Island, United States. The population was 34,114 at the United States Census, 2020, 2020 census. Geography According to the United States C ...

location, its last in

Rhode Island Rhode Island (, like ''road'') is a U.S. state, state in the New England region of the Northeastern United States. It is the List of U.S. states by area, smallest U.S. state by area and the List of states and territories of the United States ...

. In early October 2019, the last remaining restaurant in Virginia closed. It was located in Chester, Virginia. Co-founder S. Prestley Blake died on February 11, 2021, at the age of 106.

Bankruptcy

A casualty of a tough economic environment, rising commodity costs, and changing customer tastes, Friendly's announced it had filed for chapter 11 bankruptcy protection and closed 63 stores in October 2011. The company had secured more than $71 million in

debtor-in-possession financing Debtor-in-possession financing or DIP financing is a special form of financing provided for companies in financial distress, typically during restructuring under corporate bankruptcy law (such as Chapter 11 bankruptcy in the US or CCAA in Canada). ...

to keep it afloat during bankruptcy proceedings. Later that month, the

Pension Benefit Guaranty Corporation The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined b ...

, a federal agency responsible for protecting workers' pension benefits, accused Sun Capital of illegally moving assets to keep control of the company. A few days later both parties were able to reach a settlement. On November 1, 2011, the US Bankruptcy Court gave Friendly's permission to sell the company at an auction on December 22, 2011. On December 21, Friendly Ice Cream Corp cancelled the auction after receiving no offers to compete with the $75 million offer made by an affiliate of its owner, Sun Capital Partners Inc. Sun Capital paid about $75 million and retained ownership through its affiliate. On January 9, 2012, Friendly's announced that it would emerge from bankruptcy protection, but close 37 more locations. On November 12, 2019, the grocery division of Friendly's, amongst all other associates of its parent company,

, filed for

Chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whe ...

protection. On November 1, 2020, Friendly's announced that it would file for chapter 11 once more and sell "substantially all its assets" to Amici Partners—an affiliate of Brix Holdings—for $2 million, citing the impact of the

COVID-19 pandemic in the United States The COVID-19 pandemic in the United States is a part of the COVID-19 pandemic, worldwide pandemic of COVID-19, coronavirus disease 2019 (COVID-19) caused by SARS-CoV-2, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). In the Uni ...

. The company stated that "nearly all" of its locations would remain open, although some closures (including a location near

Mystic Aquarium Mystic Aquarium is a marine aquarium in Mystic, Connecticut. It is one of only two U.S. facilities holding Steller sea lions, and it has the only beluga whales in New England. Special exhibits include a ray and shark touch pool, an African penguin ...

Mystic, Connecticut Mystic is a village and census-designated place (CDP) in Groton, Connecticut, Groton and Stonington, Connecticut, United States. Historically, Mystic was a significant Connecticut seaport with more than 600 ships built over 135 years starting in ...

) were announced.

Acquisition by Amici Partners Group

On January 19, 2021, it was announced that Friendly's was acquired by Amici Partners Group, LLC, a group made of experienced restaurant investors and operators with national and international restaurant franchisor background. Amici has acquired 130 corporate-owned and franchised restaurant locations with plans to keep all locations open.

Legal issues

In 2003, Prestley Blake filed a lawsuit against Friendly Ice Cream Corporation and chairman Donald Smith in a

derivative action A shareholder derivative suit is a lawsuit brought by a shareholder on behalf of a corporation against a third party. Often, the third party is an insider of the corporation, such as an executive officer or director. Shareholder derivative suits are ...

to force the money back to the company which Blake claimed was improperly paid for use of a private jet. Blake accused Smith of using the jet for personal use and using the airplane lease to carry $3 million annually from the company into another restaurant chain he controlled.

Slogans

*"You're in for a nice surprise" (1979–1982) *"There's no place like home" (1985–1989) *"Where ice cream makes the meal / I wanna go to Friendly's" (2008–2011) *"Oh, that looks good!" (2010–2011) *"High 5, it's Friendly's!" (2011–2012) *"Oh yeah!" (2012–2013) *"Where ice cream makes the meal" (current) *"Creating memories since 1935" (2015) *"Life with extra sprinkles" (current) *"Deliciously fun" (current)

References

External links

* {{DEFAULTSORT:Friendly'S 1935 establishments in Massachusetts Companies based in Hampden County, Massachusetts Companies that filed for Chapter 11 bankruptcy in 2011 Companies that filed for Chapter 11 bankruptcy in 2019 Companies that filed for Chapter 11 bankruptcy in 2020 Economy of the Eastern United States Fast-food chains of the United States Fast-food hamburger restaurants Ice cream brands Ice cream parlors in the United States Regional restaurant chains in the United States Restaurant franchises Restaurants established in 1935 Restaurants in Springfield, Massachusetts