WILBRAHAM, Mass., Jan. 9, 2012 /PRNewswire/ -- Friendly Ice Cream Corporation and its subsidiaries (collectively "Friendly's"), the operator of Friendly's restaurants and a nationwide distributor of ice cream products, announced today that the Company has successfully emerged from its voluntary Chapter 11 by consummating the sale of its business to Friendly's Ice Cream, LLC and its subsidiaries.
"The completion of our financial and operational restructuring in just over three months is a significant accomplishment. It is a testament to the hard work and dedication of our employees as well as the ongoing support of our restaurant guests, franchisees, retail customers and vendors," said Harsha V. Agadi, Chairman and CEO of Friendly's. "As a now better capitalized company, more able to compete in the casual family restaurant sector, we look forward to building on Friendly's rich 76-year-old history."