Contact:

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

FRIENDLY ICE CREAM CORPORATION ANNOUNCES APPOINTMENTOF RANDALL GUSE TO VICE PRESIDENT, DEVELOPMENT

WILBRAHAM, MASSACHUSETTS (June 3, 2004) - - Friendly Ice Cream Corporation (AMEX:FRN) announces that Randall S. Guse joined the company as Vice President, Development. Mr. Guse assumes full responsibility for Real Estate, Construction, Maintenance and Franchise Sales functions as well as the Company's ongoing restaurant remodel program. He will also be responsible for the corporate headquarters facilities in Wilbraham, Massachusetts.

Guse has more than 10 years experience in restaurant development. Prior to joining Friendly's, Mr. Guse worked for Darden Restaurants, Inc. where he was Vice President, Development for the Bahama Breeze concept. In this position, Mr. Guse led the development team in the areas of site selection, design, construction and facilities maintenance and the nation-wide rollout of this high profile casual dining concept. He has previous development experience with T.G.I. Friday's.

John L. Cutter, Friendly's Chief Executive Officer and President commented, "Randy is an excellent addition to the Friendly's management team. His depth of experience in all aspects of restaurant development is a tremendous resource for this critical position. We look forward to Randy's leadership and guidance as we continue to grow the Friendly's brand."

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 530 company and franchised restaurants throughout the Northeast. The company also manufactures ice cream, which is distributed through more than 4,500 supermarkets and other retail locations. With a 68-year operating history, Friendly's enjoys strong brand recognition and is currently remodeling 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.