Truth in all its facets

thedailywhat:

End Of An Era? of the Day: Despite what the jingle would have you believe, it seems not enough people want to go to Friendly’s these days. The iconic Northeast eatery has just filed for bankruptcy, and announced the closure of 63 restaurants.

Though it looks pretty bad for the makers of Fribbles, 424 locations are expected to remain open for the time being; and confidence in the restructuring remained strong.

But there is plenty of work to be done if the 76-year-old equity firm-owned ice-cream parlor chain expects to turn its business around. “It’s horrible,” CRG Partners turnaround specialist Gene Baldwin told Reuters. “The facilities are terrible and need to be redone.”

“This is not, in my mind, about Friendly’s disappearing,” adds consultant Dennis Lombardi. “In fact, I think it’s reasonably likely that we’ll see Friendly’s a stronger brand five years from now.”

[npr / reuters.]

(Source: thedailywhat)