NEW YORK (Reuters) - Burger and ice cream chain Friendly's is close to filing for bankruptcy and may try to sell itself at auction, the Wall Street Journal reported on Thursday.
The Wilbraham, Massachusetts-based restaurant chain may file for bankruptcy as early as next week and is in talks with Wells Fargo & Co
A spokeswoman for Friendly's did not immediately have a comment. Calls to Friendly's owner, Sun Capital Partners Inc, were not returned on Thursday.
A spokeswoman for Wells Fargo declined to comment on the report.
According to the report, under bankruptcy, Friendly's would roll some of its existing debt into a new loan from Wells Fargo. The loan would also include $25 million in new funds. Friendly's would seek an auction to sell itself out of bankruptcy, the report said.
Friendly's has retained law firm Kirkland & Ellis and turnaround firm Zolfo Cooper, the Journal said. Calls to both firms were not returned Thursday.
Friendly's would be the latest in a number of restaurant chains, including Sbarro, Fuddruckers and Charlie Brown's Steakhouse, to file for bankruptcy because of the economic downturn and a drop in consumer spending.
Sbarro is currently in bankruptcy in New York, where it will either sell itself to the highest bidder or restructure the bulk of its $395 million debt load.
(Reporting by Nick Brown; Editing by Gary Hill)
Relacionados
- Fútbol/Selección.- Del Bosque ofrece el viernes la convocatoria para los partidos ante República Checa y Escocia
- Ascienden a ocho los muertos tras un atentado en la república de Daguestán
- Mueren un policía y tres civiles en un atentado en la república de Daguestán
- Panamá quiere "confiar" en que República Dominicana estará en el mundial
- Una exposición repasa el quehacer del ministerio de guerra de la república hasta 1939
