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Friendly's files for bankruptcy.!

Friendly's filed for bankruptcy. They filed for chapter 11 bankruptcy protection. They have around 500 restaurants on the east coast, most of these are located in the Northeastern part of the US. They shutdown only the corporate owned restaurants which were under-performing. The franchise owners are a in good shape. The number of restaurants that were shutdown was 63.

The reason why they filed for bankruptcy is because of the corporate owned restaurants were not doing well. They decided they would use the money they receive from chapter 11 for improving their corporate owned restaurants that needed slight improvement.

Check out the article. http://online.wsj.com/article/SB10001424052970203388804576612531340661442.html