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Entries in Closing (5)

Wednesday
Oct052011

Friendly's Files for Chapter 11 Bankruptcy; Closes 63 Restaurants

Suzanne Kreiter/The Boston Globe via Getty Images(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.

[Click here and scroll down to see if a Friendly's restaurant near you has closed]

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.

Copyright 2011 ABC News Radio

Wednesday
Mar302011

Stocks Up at Wednesday's Close; Hiring Up for Small Businesses

Comstock Images/Thinkstock(NEW YORK) -- Telecommunications companies led a broad midweek stock rally while a couple jobs reports helped things along.  The Dow closed up 72 points, the Nasdaq added 20 and the S&P gained nine on Wednesday.

When was the last time you heard that hiring was up and firing was down?  Payroll processor ADP says private employers added 200,000 positions from February to March, many at small businesses.  Meanwhile, employment firm Challenger, Gray and Christmas says layoffs hit their lowest level in 16 years.

Copyright 2011 ABC News Radio

Tuesday
Mar292011

Stocks Recover at Close Despite Slumped Consumer Confidence

Comstock Images/Thinkstock(NEW YORK) -- Stocks rose Tuesday despite less-than-encouraging readings on home prices and consumer confidence.  The Dow closed up 81 points, the Nasdaq gained 26 and the S&P added nine.

It's getting more expensive to fill your car -- and your grocery basket.  The Conference Board says soaring gas and food prices pushed the consumer confidence index down to 63.4 this month, ending five months of improvement.

Homes are still a bargain.  The S&P/Case-Schiller 20-city index says prices were down in 19 of the 20 cities it surveys.

Copyright 2011 ABC News Radio

Friday
Mar182011

Stocks Higher at Friday's Close

Comstock Images/Thinkstock (NEW YORK) -- The markets ended an unsteady week with a big finish. 

The Dow gained 84 points for its best two-day rally since December.  The Nasdaq added eight points and the S&P closed up five.

Stocks in the U.S. climbed Friday as fears of more violence in Libya receded.  On Thursday, the UN voted 10-0 in favor of a No-Fly Zone to protect Libyan citizens.

Friday's closing bell sounded a little different.  It was not rung in New York, rather from Houston.  Execs from NYSE-listed companies headquartered in the Texas city rang the bell from the Houston Livestock Show and Rodeo.

Copyright 2011 ABC News Radio

Wednesday
Mar162011

Stocks Down at Close, Toyota Shutdown Continues

Comstock Images/Thinkstock(NEW YORK) -- The nuclear crisis in Japan continued to cause a shake-up in the financial markets Wednesday. The stocks saw a low opening Wednesday before dropping suddenly.

The Dow closed down 242 points, the Nasdaq was off 51 and the S&P lost 25.

It may be tougher to get some Japanese-made cars.  Toyota announced Wednesday that it would extend the shutdown at its assembly plants for an additional week.  The extension could affect some 95,000 vehicles.

The price of oil did rebound a bit Wednesday, closing just under $98 a barrel.  The national average for gas is now at $3.57 a gallon.

Copyright 2011 ABC News Radio







ABC News Radio