(WILBRAHAM, Mass.) -- Friendly's announced Wednesday it has filed for Chapter 11 bankruptcy protection due to the country's struggling economy and the rising prices of commodities.
The nationwide restaurant chain said 424 locations will remain open for business, while 63 others have been closed as part of the company's restructuring plan. The majority of these closures took place in Massachusetts, where 29 restaurants have been shut down.
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In a statement Wednesday, Friendly's Chairman and CEO Harsha V. Agadi said, "Thanks to our dedicated employees and franchisees, we have made a lot of progress, but our Company continued to face significant financial challenges. This was exacerbated by the weak economy and rapidly rising commodity costs that have impacted the entire restaurant industry."
"The strategic decision to pursue a financial restructuring will allow us to proactively and quickly improve our financial position and ensure we have the resources to build a better and stronger Friendly's for our loyal guests, retail customers, suppliers and other business partners," Agadi added.
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