Friendly’s filed for bankruptcy today and announced it would close 63 underperforming restaurants.The iconic restaurant chain holds over $250 million in debt, according to the WSJ. Meanwhile it has suffered declining sales during the recession.
Other restaurant chains to go bankrupt include Real Mex Restaurants, which filed yesterday, Perkins & Marie Callender‘s Inc, Sbarro Inc, Fuddruckers and Charlie Brown’s Steakhouse. DineEquity, which owns Applebee’s and IHOP, was named as a bankruptcy risk by GovernanceMetrics International.
Friendly’s recently launched an enthusiastic High Five campaign, featuring new mascot High Five Heidi, to revive interest in the brand.