Friendly Ice Cream Corporation To Explore Strategic Alternatives for Enhancing Shareholder Value
March 07 2007 - 7:00AM
Business Wire
Friendly Ice Cream Corporation (AMEX: FRN) today announced that it
has retained Goldman Sachs & Co., as financial advisor, and
Weil, Gotshal & Manges LLP, as legal advisor, to assist the
Board of Directors in exploring strategic alternatives to enhance
shareholder value, including a possible sale of the company. The
company said that while it will review a wide range of options in
consultation with its advisors, there can be no assurance of any
particular outcome. The company does not expect to disclose further
developments regarding the process until the review of strategic
alternatives has been completed. About Friendly�s Friendly Ice
Cream Corporation is a vertically integrated restaurant company
serving signature sandwiches, entrees and ice cream desserts in a
friendly, family environment in 514 company and franchised
restaurants throughout the Northeast. The Company also manufactures
ice cream, which is distributed through more than 4,000
supermarkets and other retail locations. With a 71-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).
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