Friendly's responds to bankruptcy report

WILBRAHAM, Mass. (WWLP) - Friendly's Ice Cream Corporation may file for Chapter 11 bankruptcy as soon as next week.

That is according to a report in the Wall Street Journal, which cites unnamed sources.

The report also says the restaurant chain could attempt to sell the company as well.

Chapter 11 bankruptcy means the company will reorganize its debt.

Company officials would not confirm the bankruptcy report, but instead released this statement to 22News:

"Friendly's has a policy of not commenting on rumors in the media or marketplace.  Like many restaurant chains, we are feeling the impact of the economic downturn.  We are working with our lenders, board and management team to explore alternatives to strengthen our financial base."

Customers reacted to the news early Friday morning.

"I was a little kid living on Riverdale Road and we used to walk half mile down the road to go to Friendly's and get ice cream, " said Carl Welker of West Springfield.

Melissa Black wasn't fazed by the report.

"From my experience there, I'm not really that surprised," said Black.

The Wilbraham-based company employs roughly 10,000 people and operates more than 500 restaurants.

The Blake brothers opened the first Friendly's in Springfield in 1935.