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FRIENDLY'S FRANCHISES ORLANDO AREA RESTAURANTS WILBRAHAM, MASSACHUSETTS (January 19, 2004) - - Friendly's Restaurants Franchise, Inc., a subsidiary of Friendly Ice Cream Corporation (Friendly's, AMEX:FRN) of Wilbraham, Massachusetts, announced today that it has finalized the sale of ten Friendly's Restaurants (list attached) in the Orlando, Florida market to a new franchisee, Central Florida Restaurants LLC for expected gross proceeds of approximately $3,150,000. The sale includes a development agreement to open 25 new restaurants over the next 11 years. Friendly's Chief Executive Officer and President, John L. Cutter, commented, "We are proud to welcome as our newest franchisee a successful and proven restaurant operator. I fully expect Joe Sandor to enhance and grow this market, uphold the traditions of the brand, and continue to focus on guest satisfaction, specifically, 100% guest satisfaction, 100% of the time". An existing franchisee with Friendly's with two restaurants in the Sarasota area, Joseph Sandor, Managing Member of Central Florida Restaurants, LLC, is eager to acquire these ten restaurants. "We're pleased to begin operation of these restaurants. Friendly's has a long and proud heritage and we are confident in our ability to operate these restaurants effectively. The Friendly's brand awareness here in Florida makes it a logical decision to move forward rapidly and build new restaurants". Joseph Sandor and David Buchman, both managing members of Central Florida Restaurants, LLC, are seasoned restaurant veterans. Joseph Sandor is an existing franchisee of Friendly's with many years of experience in the restaurant industry and David Buchman has worked for Friendly's in various operating capacities for the past 12 years. Friendly Ice Cream Corporation is a vertically integrated restaurant company serving signature sandwiches, entrees and ice cream desserts in a friendly, family environment in over 540 company and franchised restaurants throughout the Northeast. The company also manufactures ice cream, which is distributed through more than 3,500 supermarkets and other retail locations. With a 68-year operating history, Friendly's enjoys strong brand recognition and is currently revitalizing its restaurants and introducing new products to grow its customer base. Additional information on Friendly Ice Cream Corporation can be found on the Company's website www.friendlys.com |
© 2007 Friendly Ice Cream Corporation |
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