Friendly's closed over 60 restaurants and eliminated 1,200 jobs on Tuesday and decided to file for Chapter 11 bankruptcy. The chain closed 30 Massachusetts locations. [WCVB] Remember to follow Bostonist on Twitter and like us on Facebook.
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Results tagged “chapter11”
Friendly's will reportedly file for Chapter 11 bankruptcy protection as soon as next week. The Wilbraham chain may seek to be sold at an auction. Sun Capital Partners Inc., of Boca Raton, Fla. bought Friendly’s for $337.2 million in 2007. [Boston Globe] Remember to follow Bostonist on Twitter and like us on Facebook.
As part of its historic Chapter 11 bankruptcy filing, the General Motors Corp. announced plans today to close a parts distribution center and warehouse in Norton. This location, which will close before the end of 2009, includes 54 union jobs and 15 managers and other salaried employees. One employee, quoted by the Herald, wasn't optimistic about finding a new job.
- Governor Deval Patrick has called out MBTA "driver" Aiden Quinn and says he should talk to investigators about last week's crash he allegedly caused. [Boston Herald]
The Saga of the B-Side Lounge continues. In trouble since August, the lounge closed in November. Now, owner Catherine Sullivan has filed for bankruptcy for the business. The company's assets and debt are both in the $500k to $1 million range, leading a bankruptcy attorney to recommend auctioning off the assets to pay the debts. An auction of the bar's property, liquor license (though maybe you could get one cheaper another way), and lease may happen on January 15. This is the B-Side's second bankruptcy, following the first in 2003, in which it had over $800,000 in debt. Earlier this year, the B-Side made Esquire's list of Best Bars. How quickly they fall.
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