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Friendly’s exits Ch. 11Friendly’s exits Ch. 11

Sun Capital-backed holding company purchases the restaurant operator

Bret Thorn, Senior Food Editor

January 10, 2012

1 Min Read
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Bret Thorn

Friendly Ice Cream Corp. has emerged from Chapter 11 bankruptcy with a new owner – private-equity firm Sun Capital-backed Friendly’s Ice Cream LLC – and fewer locations and less debt.

The company, which originally was backed by Sun Capital, filed for bankruptcy protection just over three months ago, in October 2011.

Friendly Ice Cream Corp. is the parent of the Friendly’s family-dining restaurant chain and distributor of Friendly’s retail products.

Friendly’s Ice Cream LLC and its subsidiaries purchased the company at the end of December after the auction to sell the company was canceled on December 21 because there were no other bidders.

Sun Capital, based in Boca Raton, Fla., had originally taken the company private in 2007 for $395 million.

When Friendly’s filed for Chapter 11 in the United States Bankruptcy Court for the District of Delaware, the company cited “the challenges of the economic downturn” as well as rising commodity costs and rents that exceeded market rates. At that time it closed 63 units, said it would undertake a sale process and that Sun Capital would be the lead bidder.

The chain now has 387 restaurants.

In repurchasing the company, Sun shed many of its leases and unsecured debt, including employee pension obligations.

Contact Bret Thorn at [email protected].
Follow him on Twitter: @foodwriterdiary
 

About the Author

Bret Thorn

Senior Food Editor, Nation's Restaurant News

Senior Food & Beverage Editor

Bret Thorn is senior food & beverage editor for Nation’s Restaurant News and Restaurant Hospitality for Informa’s Restaurants and Food Group, with responsibility for spotting and reporting on food and beverage trends across the country for both publications as well as guiding overall F&B coverage. 

He is the host of a podcast, In the Kitchen with Bret Thorn, which features interviews with chefs, food & beverage authorities and other experts in foodservice operations.

From 2005 to 2008 he also wrote the Kitchen Dish column for The New York Sun, covering restaurant openings and chefs’ career moves in New York City.

He joined Nation’s Restaurant News in 1999 after spending about five years in Thailand, where he wrote articles about business, banking and finance as well as restaurant reviews and food columns for Manager magazine and Asia Times newspaper. He joined Restaurant Hospitality’s staff in 2016 while retaining his position at NRN. 

A magna cum laude graduate of Tufts University in Medford, Mass., with a bachelor’s degree in history, and a member of Phi Beta Kappa, Thorn also studied traditional French cooking at Le Cordon Bleu Ecole de Cuisine in Paris. He spent his junior year of college in China, studying Chinese language, history and culture for a semester each at Nanjing University and Beijing University. While in Beijing, he also worked for ABC News during the protests and ultimate crackdown in and around Tiananmen Square in 1989.

Thorn’s monthly column in Nation’s Restaurant News won the 2006 Jesse H. Neal National Business Journalism Award for best staff-written editorial or opinion column.

He served as president of the International Foodservice Editorial Council, or IFEC, in 2005.

Thorn wrote the entry on comfort food in the Oxford Encyclopedia of Food and Drink in America, 2nd edition, published in 2012. He also wrote a history of plated desserts for the Oxford Companion to Sugar and Sweets, published in 2015.

He was inducted into the Disciples d’Escoffier in 2014.

A Colorado native originally from Denver, Thorn lives in Brooklyn, N.Y.

Bret Thorn’s areas of expertise include food and beverage trends in restaurants, French cuisine, the cuisines of Asia in general and Thailand in particular, restaurant operations and service trends. 

Bret Thorn’s Experience: 

Nation’s Restaurant News, food & beverage editor, 1999-Present
New York Sun, columnist, 2005-2008 
Asia Times, sub editor, 1995-1997
Manager magazine, senior editor and restaurant critic, 1992-1997
ABC News, runner, May-July, 1989

Education:
Tufts University, BA in history, 1990
Peking University, studied Chinese language, spring, 1989
Nanjing University, studied Chinese language and culture, fall, 1988 
Le Cordon Bleu Ecole de Cuisine, Cértificat Elémentaire, 1986

Email: [email protected]

Social Media:
LinkedIn: https://www.linkedin.com/in/bret-thorn-468b663/
Facebook: https://www.facebook.com/bret.thorn.52
Twitter: @foodwriterdiary
Instagram: @foodwriterdiary

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