Franchise Owners Say They Support Friendly's

(Thursday, March 22, 2007) - A group of franchise owners, in a letter yesterday to Friendly Ice Cream Corp. shareholders, have voiced their support for the company's restaurant operating system and for new CEO George Condos.


The Boston-based group, which represents 95 percent of Friendly's Ice Cream Restaurant franchisees, was responding to the company's recent announcement it would explore "strategic alternatives" including the possible sale of the company. Their letter appeared to be a vote for the status quo.


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"We are writing to you to express our united support for preserving the long term interests of the Friendly Restaurant Operating System," the franchise owners wrote.


"For many of us, our investment in Friendly's and the success of Friendly's restaurants is our livelihood," they added. "We are very encouraged by the recent actions of the current Board in hiring George Condos … [and] believe he is in a position to grow our business for the benefit of Shareholders and Franchisees alike.


"Conversely, we oppose any investor(s) or shareholder(s) who do not look to protect the long-term interests and success of the current Franchisees and our significant investment as major ‘stakeholders' in the Friendly's Brand."


Additional information, including the full text of the letter, is available at BusinessWire.com.

Wilbraham, Mass.-based Friendly Ice Cream Corp. (AMEX: FRN) has more than 520 company and franchised restaurants across the Northeast and is the maker of Friendly's ice cream. Additional information is available at www.friendlys.com.

View all Friendly's Restaurants Press Releases

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