Friendly’s parent company files for bankruptcy
The Bohemia-based company that runs Friendly's restaurants on Long Island has filed for bankruptcy.
In the past year, the company also closed its eateries in Bay Shore, Patchogue, West Babylon, North Babylon, Wantagh, Farmingdale, Copiague, Massapequa, Selden and Hicksville. The latest restaurant to close was in East Northport.
The Long Island Friendly's are owned by J& B Restaurant Partners. The company's chief operating officer issued a statement saying, "The closing of restaurants is a very difficult but necessary step in positioning J & B for financial health and a key component of the restructuring plan. Our partnership with Friendly's and GE Capital will allow us to remodel existing restaurants and reduce debt and implement a long-term plan that ultimately allows for the remodeling of existing restaurants."
J & B says there are still 18 Friendly's restaurants serving Long Island residents. It expects to exit bankruptcy over the next six months and remodel at least 11 restaurants over three years.