WILBRAHAM Mass. Friendly Ice Cream Corp. postponed its annual shareholder meeting, which was scheduled to occur May 9, because of a strategic review begun in March.
Friendly made no official announcement if the change in meeting date, but posted a message on its website. No rescheduled date has been set, the company said.
In February, Friendly, the parent company to the 500-unit-plus Friendly's chain, said it would review alternatives for the struggling company, including a possible sale. At the now-postponed shareholder meeting, activist investor and 15-percent stakeholder Sardar Biglari, who holds that stake through his hedge fund The Lion Fund and through Western Sizzlin' Corp., where he serves as chairman, was seeking board seats for himself and his fund partner Philip Cooley. Friendly has resisted his efforts to win seats on the board. Biglari wants Friendly to focus its efforts on franchising, reduce its corporate debt and improve its cash flow with more successful restaurants.
Friendly is scheduled to report its most recent quarterly results on Friday.
