Almost 76 years ago, two brothers opened the first Friendly's ice cream shop in Massachusetts. By the 1980s, Friendly's had expanded to more than 600 locations. Earlier this morning, the family-favorite chain filed for Chapter 11 bankruptcy protection.
Industry experts believe the brand — half of which are franchise-owned — has been hurt by the down economy (hasn't every brand?), but Friendly's may also have crossed the line from classic oldie to obsolete.
"Friendly's is an anachronism, really. It's a restaurant model that is no longer viable," stated Christopher Muller, dean of the hospitality administration school at Boston University. He says it's hard for family coffee shops like Friendly's to offer full service to customers, while still competing with fast-food prices offered by the McDonald's, Wendy's and Burger Kings of the world.
In addition, Friendly's — owned by a private equity firm since 2007 — has consistently lagged behind competitors like Cracker Barrel and IHOP. A recent survey ranks it near last on value, atmosphere and service.
Well, the company has rather new management, and that team has been working on some pretty significant changes. Chief Executive, Harsha Agadi, launched a major retraining and renovation plan right in the midst of the 2010 economic collapse.
It had been coined, "The rebirth of the brand."
Friendly's has also recently launched several new concept Friendly's Express self-serve stores, and menus have been made more healthy and affordable. But is it too little too late?
When is the last time you've actually been to, or seen, a Friendly's Restaurant? Leave your feedback in the comment boxes... #WeCare
Sizzzource
SCREAM @ ME!!!
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