Friendly Ice Cream Corp., which employs roughly 10,000 people and operates more than 400 restaurants known for sundaes and hamburgers, filed for Chapter 11 bankruptcy protection Wednesday.
In a struggle familiar to many restaurant chains, the Wilbraham, Mass., restaurant chain has seen sales crimped as fewer people dine out, just as rising prices for corn, butter and other ingredients drained its cash.
The Wall Street Journal late last month reported the restaurant chain was preparing for a possible bankruptcy filing.
Friendly's is a privately held company.
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