Contact:

Maura C. Tobias Friendly's Restaurants 413-543-2400 ext. 2814

FRIENDLY'S OPENS IN QUAKERTOWN, PENNSYLVANIA

Friendly's Restaurant to Open at Quakertown Plaza on Route 309

WILBRAHAM, MA (January 30, 2004) - - Friendly Ice Cream Corporation (AMEX:FRN) announces the opening of a new franchised restaurant in Quakertown, Pennsylvania. The restaurant opens on Monday, February 2, 2004.

The new restaurant is located in the Quakertown Plaza on Route 309. The restaurant is owned and operated by Revere Restaurant Group, Inc of Elkton, Maryland, a Friendly's franchisee since 2001. Revere Restaurant Group, Inc. currently owns and operates six restaurants and is scheduled to open three more restaurants by the middle of 2008.

Bob Bender, Owner, and Matt Resneck, General Manager, will welcome guests to their new 161 - seat restaurant on Monday. The restaurant will be open from 7am to 11pm Sunday through Thursday and 7am to 12am on Friday and Saturday. Bob Bender states, "We are very excited to be bringing the Friendly's brand to the Quakertown area. The people in this community have been waiting to indulge in our delicious food and mouth-watering ice cream creations for some time. We look forward to welcoming them into our new restaurant."

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 369 company owned and over 167 franchised restaurants throughout the Northeast. The company has over 40 franchise partners. 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.