(CNBC) -- FIC Restaurants, the parent company of Friendly’s, said it has filed for Chapter 11 bankruptcy protection after the coronavirus pandemic caused sales to plummet.
The company will sell substantially all of its assets to Amici Partners Group for nearly $2 million, according to a Monday court filing. FIC estimated in its Sunday bankruptcy filing that its assets were worth $1 million to $10 million. Friendly’s is asking for the bankruptcy court to approve of the sale in mid-December.
The East Coast restaurant chain, which is best known for its ice cream, joins the legion of restaurants that have filed for bankruptcy in the wake of the pandemic, including Chuck E. Cheese’s parent company and Ruby Tuesday. More are expected to follow as Covid-19 cases surge and cold weather hits demand for outdoor dining.
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