Editing Friendly's (section)

===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.<ref>{{cite news|last1=Abelson|first1=Jenn|last2=Reidy|first2=Chris|date=5 October 2011|title=Friendly's closes 63 stores as ice cream chain files for bankruptcy|website=[[Boston.com]]|url=https://www.boston.com/uncategorized/noprimarytagmatch/2011/10/05/friendlys-closes-63-stores-as-ice-cream-chain-files-for-bankruptcy|access-date=13 February 2021}}</ref><ref name="Chapter 11">{{cite news |url=https://www.wsj.com/articles/SB10001424052970203388804576612531340661442|title=Friendly's Files for Chapter 11 Bankruptcy |first1=Mia |last1=Lamar |first2=Jacqueline |last2=Palank |work=[[The Wall Street Journal]]|date=October 6, 2011|access-date=May 16, 2012}}</ref> The company had secured more than $71 million in [[debtor-in-possession financing]] to keep it afloat during bankruptcy proceedings.<ref name="Chapter 11"/> Later that month, the [[Pension Benefit Guaranty Corporation]], 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.<ref>{{cite news|last=Abelson|first=Jenn|date=15 December 2011|title=Pension agency settles with Friendly's|website=[[Boston.com]]|url=https://www.boston.com/uncategorized/noprimarytagmatch/2011/12/15/pension-agency-settles-with-friendlys|access-date=13 February 2021}}</ref> On November 1, 2011, the US Bankruptcy Court gave Friendly's permission to sell the company at an auction on December 22, 2011.<ref>{{cite news|last=Bathon|first=Michael|date=November 2, 2011|title=Friendly's gets OK for asset auction|website=[[Boston.com]]|url=http://archive.boston.com/business/articles/2011/11/02/friendly_ice_cream_wins_court_approval_to_hold_asset_auction/?camp=pm|access-date=May 16, 2012}}</ref>

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.<ref>{{cite news |url=http://www.businessweek.com/news/2011-12-21/friendly-cancels-auction-as-no-bidders-challenge-sun-capital.html |title=Friendly Cancels Auction as No Bidders Challenge Sun Capital |first=Michael |last=Bathon |date=December 21, 2011 |access-date=May 16, 2012 |archive-url=https://web.archive.org/web/20120702160504/http://www.businessweek.com/news/2011-12-21/friendly-cancels-auction-as-no-bidders-challenge-sun-capital.html |archive-date=July 2, 2012 |url-status=dead }}</ref> Sun Capital paid about $75 million and retained ownership through its affiliate.<ref>{{cite news|last=Abelson|first=Jenn|date=December 22, 2011|title=Friendly Ice Cream cancels auction|website=[[Boston.com]]|url=https://www.bostonglobe.com/business/2011/12/22/bankrupt-friendly-ice-cream-cancels-auction/sNxofTxMSAHm60P9TctcXJ/story.html?camp=pm|access-date=May 16, 2012}}</ref> On January 9, 2012, Friendly's announced that it would emerge from bankruptcy protection, but close 37 more locations.<ref name="Out of bankruptcy">{{cite news|last=Abelson|first=Jenn|date=9 January 2012|title=Friendly's Ice Cream out of bankruptcy, but closes another 37 stores, including 10 in Mass|website=[[Boston.com]]|url=https://www.boston.com/uncategorized/noprimarytagmatch/2012/01/09/friendlys-ice-cream-out-of-bankruptcy-but-closes-another-37-stores-including-10-in-mass|access-date=13 February 2021}}</ref>

On November 12, 2019, the grocery division of Friendly's, amongst all other associates of its parent company, [[Dean Foods]], filed for [[Chapter 11 bankruptcy]] protection.<ref name="WCVB">{{Cite web|url=https://www.wcvb.com/article/friendlys-ice-cream-parent-owner-files-for-bankruptcy/29775489|title=Friendly's ice cream parent owner files for bankruptcy|date=2019-11-13|website=WCVB|language=en|access-date=2019-11-13 |quote='Despite our best efforts to make our business more agile and cost-efficient, we continue to be impacted by a challenging operating environment marked by continuing declines in consumer milk consumption,' said Eric Beringause, who recently joined Dean Foods as president and chief executive officer.}}</ref><ref>{{Cite web|url=https://www.cnn.com/2019/11/12/business/dean-foods-bankruptcy/index.html|title=America's largest milk producer files for bankruptcy|author=Jordan Valinsky|website=CNN|date=November 12, 2019 |access-date=2022-11-26}}</ref>

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 company stated that "nearly all" of its locations would remain open, although some closures (including a location near [[Mystic Aquarium]] in [[Mystic, Connecticut]]) were announced.<ref>{{Cite web|last=Valinsky|first=Jordan|title=Friendly's files for bankruptcy and puts itself up for sale|url=https://www.cnn.com/2020/11/02/investing/friendlys-bankruptcy/index.html|access-date=2020-11-02|website=CNN Business|date=November 2, 2020 }}</ref><ref>{{Cite web|last=Alexander Soule|date=2020-11-02|title=Friendly's to close at CT tourist magnet in bankruptcy sale|url=https://www.nhregister.com/business/article/Friendly-s-to-close-at-CT-tourist-magnet-in-15693464.php|access-date=2020-11-02|website=New Haven Register|language=en-US}}</ref>